Chinese e-commerce giant Alibaba managed to break the record\nfor the largest sales in Singles day.<\/p>\n\n\n\n
The total value of merchandise (GMV), a figure that shows\nsales across Alibaba’s various shopping platforms, exceeded $30.5 billion on\nMonday afternoon local time and continues to rise throughout the rest of the\nday, surpassing last year’s figures.<\/p>\n\n\n\n
This was the 11th annual one-day sales event, also called\nthe Double Shopping Festival because it comes on the 11th of the 11th month.\nDuring a 24-hour period starting at midnight in Singapore and Hong Kong,\nAlibaba offered huge discounts through its e-commerce sites Tmall. Alibaba\nsales have surpassed last year’s numbers and more than any US shopping holiday\nlike Black Friday.<\/p>\n\n\n\n
To help increase sales, Ali Baba has expanded the number of\nproducts that have seen price reductions, focusing heavily on livestreaming\ntechnologies across its platforms to help sell goods. Live streaming has become\na big part of the shopping experience on Chinese e-commerce sites.<\/p>\n\n\n\n
International figures have also contributed to talk about\nproducts sold on Alibaba websites. On Wednesday, Kim Kardashian aired the brand\nannouncement for her KKW fragrance, which is now available for sale on Tmall.<\/p>\n\n\n\n
Alibaba’s new sales record comes at a time of slowing\nChinese economy and intense competition from domestic competitors. While\nAlibaba is the name often associated with mega-shopping events, competitors\nsuch as JD.com and Pinduoduo are also offering their sales.<\/p>\n\n\n\n
Some of the best-selling products in the early hours of the\nday included new versions of the 5G phones from Huawei Mate 30 Pro as well as\nApple iPhone 11 Pro and Pro Max.<\/p>\n\n\n\n
As the current US-China trade war intensified, the United\nStates emerged as the second largest country selling its products to China.\nJewelry and clothing are the most popular product categories of US retailers,\nsaid Jacob Cooke, chief executive of WPIC, an e-commerce and marketing\ntechnology company that helps foreign brands sell in China. “There is no\ndownturn there. There is no evidence there is sentiment decline for U.S.\nbrands,” Cooke said.<\/p>\n","protected":false},"excerpt":{"rendered":"
Chinese e-commerce giant Alibaba managed to break the record for the largest sales in Singles day. The total value of merchandise (GMV), a figure that shows sales across Alibaba’s various shopping platforms, exceeded $30.5 billion […]<\/a><\/p>\n<\/div>","protected":false},"author":1,"featured_media":1462,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[63,30],"tags":[147,90,116,74,66,79,36,34,145,114,127,120,48,24,78,13,131,44,10,58,57,70,47,86,31,18,80,23,46,109,81,85,115],"_links":{"self":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1461"}],"collection":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/comments?post=1461"}],"version-history":[{"count":1,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1461\/revisions"}],"predecessor-version":[{"id":1463,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1461\/revisions\/1463"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/media\/1462"}],"wp:attachment":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/media?parent=1461"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/categories?post=1461"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/tags?post=1461"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}