Alibaba the Chinese multinational conglomerate sets a record by making over $30.8 billion in annual Singles Day sale. Only 15 hours and 49 minutes into the spending binge, transactions on the platform bounced that of 2017’s tally of $25 billion. “Double 11”, which is also called the Singles Day sale, is the biggest online sales event in the world which also exceeded the sales of U.S. shopping holidays.
It was basically an oddity student holiday to laud being single but has since grown into 24-hour online retail craze on November 11.
But this growth noted the company’s lowest annual increase in the history of Singles Day sale. However, the revenues of the company are still boosting at a good rate of 54 percent year-over-year.
Alibaba has even faced new threats this year. Around 180,000 brands are available in the shopping assault, which includes s Xaomi, Apple, and Dyson. Moreover, the company has been crashing with close rival JD.com to snap up strategic partnerships with brick-and-mortar retailers to reach more buyers.
The company has its eyes on international consumers. Merchants from over 200 countries participated in Singles’ Day. This Singles Day sale is expected to be the company’s ultimate November sale with founder and Chairman Jack Ma.