Published: Sun, November 11, 2018
Business | By Tara Barton

Alibaba Singles' Day sales hit $10 billion in first hour

Alibaba Singles' Day sales hit $10 billion in first hour

During the first hour of the giant shopping event, known as Singles' Day or 11.11, referring to the date November 11, the top three brands sold were Xiaomi, Apple and Dyson, while the top categories were audio equipment, mobile phones and diapers. By the 1 hour and 47 minute mark, that number had increased tenfold. "Steep discounts on the Tmall Genie smart speaker during Singles' Day a year ago, as well as the introduction of lower-priced mini versions of several smart speakers in early 2018, were key in accelerating growth".

Health supplements topped the list of most popular imported items purchased by consumers in China as of 12pm, followed by milk powder, facial masks and milk powder, according to Alibaba.

Alibaba Group Holding Ltd. expects strong sales of American products on its web marketplaces during the Singles' Day shopping extravaganza, despite the tit-for-tat trade war with the USA and a slowing Chinese economy.

Singles' Day is held on November 11. This year, Alibaba appears set to break all records, with gross sales volumes at just over one hour accounting for more than half of the total sales volume in 2017.

The spending binge has for years eclipsed Cyber Monday in the USA for online purchases made on a single day.

"If people aren't buying new homes, they aren't buying appliances", he said.

No proposal to ask RBI to transfer Rs 3.6 lakh crore
Earlier this year, the RBI chose to pay Rs 50,000 crore as a dividend to the government in line with the Union Budget provisions. Through a series of posts, Garg said, "A lot of misinformed speculation is going around in the media".

The explosive start to Singles' Day comes as little surprise, despite some recent shakiness in the Chinese economy.

Alibaba kicks off the annual event with a gala, which this year featured USA singer Mariah Carey, a Japanese Beyonce impersonator and a shoe-shopping-themed Cirque du Soleil performance.

Alibaba's Singles' Day sale is just not an online sale fest.

Earlier this month it revised down its full-year sales outlook by 4-6 percent, sending further chills through the company's stock price, which has dropped roughly 16 percent this year after nearly doubling in 2017.

The opening of 11.11 global shopping event was enlivened by performances featuring Mariah Carey, Cirque du Soleil and many more. Current chief executive Daniel Zhang will take over as chairman next year, the company said in September.

Earlier this month, Alibaba revised down its full-year revenue forecast, sending a chill through investors, as it said sales of big-ticket items would be impacted.

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