Alibaba set to smash singles’ day records

Alibaba has already raked in $7 billion in its first two hour hours of China’s all-out shopping festival known a Singles’ Day. By 12:00 PM Hong Kong Time, the figure reached $12 billion. It has been estimated that this figure could reach as high as $20 billion at close of play.

It’s the eighth time Alibaba has hosted the shopping holiday which $14.3 billion in merchandise last year.

While these figures are impressive, the ecommerce giant is set to only make a fraction of this in profits, as it only charges a small commission on some items. The company’s main source of profits here will actually come from advertising.

There are many theories as to the origins of singles’ day but the most popular is that students at Nanjing University celebrated being single in the early 1990s, using the 11.11 to represent single sticks.

Although Alibaba seized the opportunity to patent the ‘Double 11’ symbol, Singles’ Day back in 2012, it is by no means the only company to take advantage of the phenomenon. Large regional players such as JD.com are also looking to post record transactions. 

Business Review Asia's November issue is now live

Follow @BizRevAsia and @MrNLon on Twitter.

Business Review Asia is also on Facebook.

SOURCE: [QZ]

Share

Featured Articles

People Moves: Pine Labs, Deutsche Bank, McKinsey, Fortinet

Pine Labs names former Amazon exec as chief people officer, Fortinet hires government affairs leader for APAC, McKinsey India poaches Accenture HR exec

Dialight envisions a world of industrial safety with LEDs

Reliance on inefficient lighting technologies are not only harmful to the environment, but also increase injury risk and cost

Top 10: Must-see speakers at TECH LIVE LONDON 2022 event

Technology leaders from IBM, Oracle, Vodafone, JP Morgan, Accenture and the US Space Force are among the 80-plus speakers at upcoming TECH LIVE LONDON

Vodafone Business cyber leader Kawalec speaks at Cyber LIVE

Leadership & Strategy

Twitter timeline – how Musk pulled off a hostile takeover

Leadership & Strategy

Top 10 Asia restaurants, from Tokyo’s Den to Bangkok’s Sorn

Leadership & Strategy