Home industry retail alibaba brings in $31 billion in its Singles' Day sales

Alibaba brings in $31 billion in its Singles' Day sales

Retail

CIO Bulletin
2018-11-12

Alibaba clocked a record sales day as it was able to make sales of about $31 billion during its Single’s Day shopping and entertainment bonanza. The reported sales on this Singles’ Day outpaced the U.S online sales on Black Friday. The Chinese internet retail giant has monthly active users on the mobile of about 666 million who buy a wide range of products through Alibaba.

This time around Alibaba brought in more brick-and-mortar stores, food, and hotel services to scale its Singles’ Day activities. The staggering $30.7 billion Singles’ Day sale is more than twice the size of the U.S Black Friday and Cyber Monday combined.

The sales did not reflect Alibaba’s slow growth this year that alarmed many investors. On that, co-founder Jack Ma announcing his retirement did not help the company either. In such a situation, the Singles’ Day sales will provide a huge boost to the e-commerce giant.

Alibaba even broadcasted a star-studded event to count down the lead up to the Singles’ Day sale. Over 240 million people in China reportedly watched the event. Jack Ma had said that he wants to make Singles’ Day a global phenomenon sometime back; this could be an opportune moment to give it a go.