[ad_1]
Reuters
China’s “Alibaba” Earns $ 56 Billion From Singles Sales
The “Alibaba” group said orders through its e-commerce sites during the “Singles’ Day” shopping spree exceeded $ 56 billion this morning, with consumers purchasing around 16 million items.
This day is the world’s largest four-day sales event this year, and Honor Day sales exceed Black Friday sales in the United States.
The performance is likely to be good news for Alibaba Group Holding Company, a week after losing around 10% of its market value following the removal of regulators from its financial technology company Ant Group.
This sales performance also comes in light of an economic recovery with the Corona virus outbreak under control in China, as border closures and limited movement mean more consumers are spending at home. Given their size, these sales are widely seen as an indication of the strength of China’s economic recovery after the virus outbreak.
At 4:30 p.m. GMT today, orders through the GMV platform topped 372.3 billion yuan ($ 56.3 billion), with a record 583,000 orders registered every second, Alibaba said. It offered 2 million items for the first time, nearly double the number last year when the platform reported sales of $ 38.4 billion on the same day.
(1 dollar = 6.6146 Chinese yuan)
Source: “Reuters”
[ad_2]
Source link
