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Chinese e-commerce giant Alibaba said single-day sales hit a new record. (Photo credit: STR / AFP / Getty Images)Getty
The 2018 edition of Singles Day, the madness of shopping and entertainment of Chinese giant e-commerce
Ali Baba
As Alibaba extended its activity to Singles Day activities and involved more physical stores and catering and hotel services, the Gross Goods Value, or GMV, on its platforms closed the day by 27%, for a record $ 30.8 billion (RMB 213.5 billion). Online sales of the company's singles once again surpassed US online sales of Black Friday and Cyber Monday. combined topped the list of Amazon Prime Day stores, which should not be surprising as Alibaba's monthly active users reach 666 million, double the population US.
The day has emerged as a barometer of Chinese consumer spending, particularly in the context of a slowdown in the Chinese economy and a trade war between the United States and China.
"This trend (of a rising Chinese middle class) is not going to stop, trade war or no commercial war," said Alibaba's executive vice president, Joe Tsai, in an article published Sunday on the company blog.
While the latest data from the Chinese government showed "weakness" in big items, including home appliances and automobiles, and suggested to Chinese consumers to see "uncertainty in the future and reduce purchases of durable goods , Alibaba's Chinese retail markets, including Tmall and Taobao, Tsai said earlier this month when Alibaba announced its latest quarterly results, continuing to experience "robust growth" in consumer products running, cosmetics and clothing.
"Chinese middle-class consumers have experienced significant growth in real wages over the last decade and are looking for high-quality products to meet their discretionary spending and an increasingly sophisticated lifestyle," he said. he declared at the time. Citing OECD forecasts, Tsai said the Chinese middle class would triple from 850 million to 300 million by 2030.
Here are other takeaways on singles day:
International brands want to have their fair share of growing middle-class consumers in China:When Alibaba started monetizing Singles Day in 2009, 27 brands, including Adidas, registered to participate. The total number of local and foreign brands this year? 180,000. More than 40% of its single-day buyers purchased from international brands and nearly 240 brands (including Apple, Dyson, Kindle, Estée Lauder, L'Oreal, Nestle, Gap, Nike and Adidas) have exceeded 100 million RMB (14.4 million USD). in a GMV day, Alibaba said. In fact, despite the niche market, Chinese consumers' interest in US products was showing no sign of disappointment: the United States was only behind Japan as the second largest country selling to China in terms of GMV.
For example, Starbucks and Nike, who both praised the importance of the Chinese market for their respective growth, designed drinks and exclusive sneakers for singles, as well as other products. Nike, preparing for what he described as "Colossal" Singles Day, said he would even use drones for quick delivery to rural customers.
Alibaba is facing growing competition from Singles Day: Just like Amazon's Prime Day in the United States, which pushed Walmart retailers to target their own promotions and officially made the usual summer break a great opportunity to shop in the retail calendar in the United States, Alibaba's competitors, including JD.com, its leading competitor, have been aggressive in their own singles match. For example, JD.com, which has a list of investors and partners such as Walmart, Google and Tencent, the parent company of WeChat, China's first mobile messaging application, has announced that the total volume of its transactions will be Rose to 160 billion RMB, or 23 billion dollars.
Many brands are not blind to the importance of other platforms either. Nike, for example, has stated that its unique Singles Day offers would be available on all of its Nike Direct platforms, including Nike.com, SNKRS App, Nike.com on Alibaba's Tmall, as well as on the mini-markets. Nike WeChat programs on Tencent. As a result, the total number of monthly active users of WeChat has exceeded one billion people this year.
According to analysys analyst firm Analysys International, Alibaba held 58 percent of GMV's consumer electronics market share in China in the second quarter, followed by JD.com at 26 percent.
A record sales day, but can it be sustainable and at what price? Alibaba's Singles' Day, though it hit another record, actually slowed compared to a growth rate of around 40% last year, just like Amazon Prime Day's record sales this year did not prevent the group from reporting a slowdown in quarterly growth in e-commerce. Alibaba, along with its global rivals, aggressively targets growth abroad. For example, the first time this year, Lazada, its online commerce market in Southeast Asia, has organized its own singles shopping event.
After all salvos to gain market share, it is also question of whether the day itself proves profitable for Alibaba and its rivals. While Alibaba and its major rivals are doubling their spending on technology and logistics, which will make it easier for Chinese consumers to move between their smartphones and their stores, these investments also come at a cost. A good example: Despite the fact that its turnover increased in its core sectors such as e-commerce, cloud computing and other sectors, its operating income dropped by 19% in last quarter, partly penalized by the expenses incurred behind what Alibaba has called "New Retail" initiatives integrate online sales and physical stores.
Linked to Forbes: Walmart catches Amazon on price, but still has some way to go
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Chinese e-commerce giant Alibaba said single-day sales hit a new record. (Photo credit: STR / AFP / Getty Images)Getty
The 2018 edition of Singles Day, the madness of shopping and entertainment of Chinese giant e-commerce
Ali Baba
As Alibaba extended its activity to Singles Day activities and involved more physical stores and catering and hotel services, the Gross Goods Value, or GMV, on its platforms closed the day by 27%, for a record $ 30.8 billion (RMB 213.5 billion). Online sales of the company's singles once again surpassed US online sales of Black Friday and Cyber Monday. combined topped the list of Amazon Prime Day stores, which should not be surprising as Alibaba's monthly active users reach 666 million, double the population US.
The day has emerged as a barometer of Chinese consumer spending, particularly in the context of a slowdown in the Chinese economy and a trade war between the United States and China.
"This trend (of a rising Chinese middle class) is not going to stop, trade war or no commercial war," said Alibaba's executive vice president, Joe Tsai, in an article published Sunday on the company blog.
While the latest data from the Chinese government showed "weakness" in big items, including home appliances and automobiles, and suggested to Chinese consumers to see "uncertainty in the future and reduce purchases of durable goods , Alibaba's Chinese retail markets, including Tmall and Taobao, Tsai said earlier this month when Alibaba announced its latest quarterly results, continuing to experience "robust growth" in consumer products running, cosmetics and clothing.
"Chinese middle-class consumers have experienced significant growth in real wages over the last decade and are looking for high-quality products to meet their discretionary spending and an increasingly sophisticated lifestyle," he said. he declared at the time. Citing OECD forecasts, Tsai said the Chinese middle class would triple from 850 million to 300 million by 2030.
Here are other takeaways on singles day:
International brands want to have their fair share of growing middle-class consumers in China:When Alibaba started monetizing Singles Day in 2009, 27 brands, including Adidas, registered to participate. The total number of local and foreign brands this year? 180,000. More than 40% of its single-day buyers purchased from international brands and nearly 240 brands (including Apple, Dyson, Kindle, Estée Lauder, L'Oreal, Nestle, Gap, Nike and Adidas) have exceeded 100 million RMB (14.4 million USD). in a GMV day, Alibaba said. In fact, despite the niche market, Chinese consumers' interest in US products was showing no sign of disappointment: the United States was only behind Japan as the second largest country selling to China in terms of GMV.
For example, Starbucks and Nike, who both praised the importance of the Chinese market for their respective growth, designed drinks and exclusive sneakers for singles, as well as other products. Nike, preparing for what he described as "Colossal" Singles Day, said he would even use drones for quick delivery to rural customers.
Alibaba is facing growing competition from Singles Day: Just like Amazon's Prime Day in the United States, which pushed Walmart retailers to target their own promotions and officially made the usual summer break a great opportunity to shop in the retail calendar in the United States, Alibaba's competitors, including JD.com, its leading competitor, have been aggressive in their own singles match. For example, JD.com, which has a list of investors and partners such as Walmart, Google and Tencent, the parent company of WeChat, China's first mobile messaging application, has announced that the total volume of its transactions will be Rose to 160 billion RMB, or 23 billion dollars.
Many brands are not blind to the importance of other platforms either. Nike, for example, has stated that its unique Singles Day offers would be available on all of its Nike Direct platforms, including Nike.com, SNKRS App, Nike.com on Alibaba's Tmall, as well as on the mini-markets. Nike WeChat programs on Tencent. As a result, the total number of monthly active users of WeChat has exceeded one billion people this year.
According to analysys analyst firm Analysys International, Alibaba held 58 percent of GMV's consumer electronics market share in China in the second quarter, followed by JD.com at 26 percent.
A record sales day, but can it be sustainable and at what price? Alibaba's Singles' Day, though it hit another record, actually slowed compared to a growth rate of around 40% last year, just like Amazon Prime Day's record sales this year did not prevent the group from reporting a slowdown in quarterly growth in e-commerce. Alibaba, along with its global rivals, aggressively targets growth abroad. For example, the first time this year, Lazada, its online commerce market in Southeast Asia, has organized its own singles shopping event.
After all salvos to gain market share, it is also question of whether the day itself proves profitable for Alibaba and its rivals. While Alibaba and its major rivals are doubling their spending on technology and logistics, which will make it easier for Chinese consumers to move between their smartphones and their stores, these investments also come at a cost. A good example: Despite the fact that its turnover increased in its core sectors such as e-commerce, cloud computing and other sectors, its operating income dropped by 19% in last quarter, partly penalized by the expenses incurred behind what Alibaba has called "New Retail" initiatives integrate online sales and physical stores.
Linked to Forbes: Walmart catches Amazon on price, but still has some way to go
About Forbes: Amazon, faced with growing competition, offers free delivery for all orders for the first time
Related to Forbes: Rates should precipitate move of clothing manufacturing out of China, study finds
