Alibaba’s Singles’ Day 2018
Chinese E-commerce giant Alibaba’s exceptional Singles’ Day 2018 shopping and entertainment has finally come to an end. And the company seizes another records day sale.
Their sale was one of the best in the whole world. The Singles’ Day sale has been going on at Alibaba for quite some years now. And every year it is celebrated in a very exciting and resplendent manner.
Alibaba has expanded their scale of activities, stores, hotel services, and their overall merchandise value. And ended the day with 27% higher for a record of $30.8 billion.
The company’s Singles’ Day volume was higher than U.S online Black Friday Sales and Cyber Monday Sales combined. It also topped Amazon’s Prime Day Shopping Bonanza. Which isn’t shocking at all because Alibaba’s number of monthly active users is 666 million which is double the entire U.S population!
Chinese government data exhibits feebleness in large items such as home appliances and autos as Chinese consumers see “uncertainty in the future and are cutting back on durable goods purchases”. Alibaba’s retail market has continued to see growth in consumer staples, cosmetics, and apparel.
It’s unclear if the day Singles’ Day itself was actually profitable for Alibaba or not. Alibaba and its major competitors have been doubling down on technology and logistics spending that could make it easier for China’s mobile-phone-toting consumers to toggle seamlessly between shopping on their smartphones and in-store, but those investments have come at a cost.
Alibaba’s income from operations has actually slumped 19% in the recently reported quarter.