Citigroup forecasts that the total value of sales that Alibaba can bring in today is estimated at 158 billion yuan, or $ 23.8 billion.
November 11 was referred to by the Chinese as “Singles Day”. And in the first hour of sales alone, Alibaba hit record sales of $ 8.6 billion.
According to reports from Alibaba, within the first hour of sales, shoppers from at least 192 countries and regions have been “swept” the Alibaba website to buy discounts, they buy from fresh, iPhone or refrigerator. Every second that passes, up to 256 thousand transactions are made.
This year, sports star Maria Sharapova and rap star Pharrell Williams were selected as advertising faces to stimulate demand for Alibaba’s business. 93% of all transactions are done on mobile phones.
Retail experts forecast that Alibaba will prepare to have another business day with record high sales. Citigroup forecasts that the total value of sales that Alibaba can bring in today is estimated at 158 billion yuan, or $ 23.8 billion.
Although the sales growth rate is only half as much as last year, the total sales of such 11/11 Singles Day will still exceed all of the world’s peak sales days such as Black Friday or Day Day. Two Electronics in America.
Alibaba founder and billionaire Jack Ma is using the event as a test to change the traditional Chinese retail industry, he wants to apply even more powerful technology in the tech sector to gain advantage. in a retail market that is considered saturated.
The Singles Day event was originally promoted as an event as opposed to Valentine’s Day February 14. Now in China this day has become an occasion for many shoppers. This year, Alibaba experimented with cloud computing technology in shipping and payment activities.
To do that, before this year’s Singles Day event, Alibaba’s team has spread to dealerships, about 600,000 convenience stores and many other stores to assist in upgrading computer systems. These retail stores, many of which are located in major metropolitan centers, will become hubs for transportation and storage.
To connect 600,000 of China’s 6 million convenience stores to the Internet, Alibaba uses an app called Ling Shou Tong. Convenience stores were instructed by Alibaba on how to display and stock up. Goods are transported from Alibaba’s warehouse directly to these stores without going through any intermediaries, so profits are maximized and customers can buy at low prices.
Alibaba is also trying to turn 100,000 retail points in China into smart stores. Many brands like Levis or L’Oreal are also participating in this system. If a store runs out of stock as requested by the customer, the customer will be able to check if the store is in another location, and then they can order the item to be shipped home.
* Source: BizLive