Published: Mon, November 11, 2019
Markets | By Otis Pena

Alibaba says Singles’ Day sales hit $13bn in first hour

Alibaba says Singles’ Day sales hit $13bn in first hour

The number of new products on offer stand at 1 million and 250 leading global brands will debut with more than 240 "11.11-themed" special edition products, according to Alibaba.

Hangzhou: E-commerce giant Alibaba will kick off it's 24-hour shopping mega-event on Monday and is hoping to achieve another record "Singles" Day' sales this year.

The event is so big, Alibaba launches it with a live-streamed gala that this year, Taylor Swift will headline.

That's a new record for the company, which saw $30 billion in total sales for 2018's entire Singles Day.

Alibaba Founder and Chairman Jack Ma (L) talks to CEO Daniel Zhang at NYSE Bell Ringing ceremony during Alibaba Group's 11.11 Global shopping festival in Beijing, China, November 11, 2015. It also projects 50 million online buyers in Southeast Asia alone during Singles' Day.

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However, the 27% sales growth from 2017 to 2018 was the lowest since the event began in 2009, leading Alibaba, with its main e-commerce platforms Taobao and Tmall, to search for new ways to stimulate consumers' purchasing desires this time round. The company makes it look like an elaborate affair with fashion shows and gigs.

November 11 originated as a student holiday celebrating being single - sort of a counter-balance to Valentine's Day.

Last year, four out of the top five Australian brands purchased during the event were health and supplement brands, with Swisse number one, and Devondale, Bio-Island, Blackmores, and Healthy Care following.

It is part of Alibaba's efforts to promote a more environmentally friendly annual online sales promotion, according to the company. It ranks first globally, with Cyber Monday from the US coming in second place with an average sales number of 7.75 billion yuan.

Globally, over 22,000 brands from 78 countries are participating in this year's Singles' Day. Almost a quarter of US retailers plan to run promotions for Singles Day, according to Adobe, which surveyed more than 400 USA retailers with annual sales in excess of $500,000.

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