China’s e-comerce set another business record on Nov. 11 this year. Singles Day, now known as “Double Eleven”, even took the online shopping spree into brick-and-mortar stores and beyond the nation’s borders.
Uncategorized Nov 16, 2017
Now the entire world has not only gotten to know a particular shopping spree in China — Singles Day–but has also witnessed the Chinese consumption fever as a result of the world’s biggest online shopping extravaganza. On the particular day, Alibaba, the e-commerce giant, outshines all other online retail sites. According to the BBC, by the close of the November 11’s sales, Alibaba had seen sales worth 91.2 billion yuan ($14.3bn), a 60% increase from last year. It has broken its own record for sales on China’s Singles Day, around $11 billion on that of 2014. Moreover, the idea of Singles Day shopping has cashed in on foreign buyers. According to Adobe, Singles Day spending in the U.S. is expected to hit $1.4 billion this year, which would represent a 14 percent increase from 2014. To facilitate online transnational transaction in Singles Day, China’s logistic giant SF-Express has established cooperation with such international e-commerce retailers as eBay, iHerb and Vitacost. Having triumphed in all these areas, one may assume that Singles Day’s founder, Alibaba, ought to be the biggest winner of the day. Well, not exactly. Despite its tremendous success in the Singles Day online sales, Alibaba’s stock price dropped nearly 2 percent on the same day. Jim Chanos, founder of Kynikos Associates, forecast that the Alibaba will continue to […]
ECONOMY WATCH China & The World Nov 13, 2015