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Alibaba Group Holding Ltd. said its sales totaled 10 billion yuan, or $ 1.44 billion, in the first minutes of its annual Singles Day online shopping festival, a start that surpasses the launch record of the 'last year.
The largest company in China
Baba -2.78%
reported that Xiaomi
1810 -3.79%
, Apple
AAPL, -1.93%
and Dyson products were the top three selling brands at the start of sales.
So far, it seems that the slowdown in Chinese GDP growth, the weakening of consumer confidence and a trade struggle between the United States and the world's second largest economy do not seem to dampen the interest in the economy. event, which is now 10 years old.
Analysts mixed assessments before the sale. Among these, a study by consulting firm Oliver Wyman revealed that 38 percent of Millennials – a core group of buyers for Alibaba – had announced their intention to spend less this year. According to the survey, 30% of buyers planned to spend less this year.
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Alibaba, led by incumbent president Jack Ma and his replacement Daniel Zhang, had however announced his willingness to beat growth of 39% in 2017 and 168 billion yuan in transactions for the Singles' Day, a race that thwarted Black Friday and Cyber Americans. Monday shopping specials combined.
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Singles day began ten years ago as a party girl celebrating China's lonely young hearts, reports the Wall Street Journal. Its Chinese name – "Single Sticks Holiday" – is derived from its date: November 11 or 11-11.
Now the event is evolving as online and offline shopping begins to merge. Alibaba's commercial site, Tmall, is linked to 200,000 physical stores offering 180,000 brands, up 30 percent from last year, the Wall Street Journal reported. About 200,000 stores across China will have QR codes that buyers can scan for online offers, double the amount deployed last year.
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For the first time, Hema, the supermarket chain of Alibaba, and the online platform of Yelp type, Koubei, will offer promotions to the single day. Its food delivery service, Ele.me, will also offer discounts, including the sale of limited quantities of Starbucks.
SBUX, -0.17%
cold brewed coffee for 1 yuan, or about 14 cents.
JD.com
JD, -3.12%
, another major Chinese Internet retailer, also collaborates with affiliate stores, as well as with large foreign retailers such as Walmart
WMT, + 0.65%
American and French Carrefour, to take advantage of the promotion, said the newspaper.
In another premiere, Lazada Group, a Singapore-based e-commerce subsidiary, will do its best to promote celibacy with its first 11-11-purchase promotion in six Southeast Asian countries , including the Philippines and Malaysia.
Adverse reactions to BABA decreased by almost 16% during the year.
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