An employee arranges packages for delivery during the Singles Day shopping festival at a logistics center in Donghai, China.
Chinese e-commerce giant Alibaba did not release full sales figures for its annual Singles Day event for the first time as a cooling economy dampened demand.
Launched in 2009, Singles’ Day is the world’s largest shopping festival, outpacing similar US events like Black Friday and Cyber Monday in terms of sales.
Last year, Alibaba’s revenue hit 540.3 billion yuan ($76.1 billion), and many are watching to see if the company and other participating retailers can combine for record sales. one trillion yuan or not.
In a statement Saturday, Alibaba said the results for this year’s event were “in line with last year … despite the macro challenges and Covid-related impacts,” without providing details.
Around 290,000 brands participated in 2022, with merchants offering various discounts starting late October.
Research firm Syntun a day earlier estimated that platforms including Alibaba and JD.com had reached a total of 262 billion yuan between 8:00 p.m. Thursday and 2:00 p.m. (06:30 p.m.). 00 GMT) Friday.
Once a frenzied consumer day led by Alibaba’s bubbly founder Jack Ma, Singles’ Day has been more muted in recent years amid Beijing’s crackdown. online platform and weak state media coverage.
In April, regulators fined Alibaba $2.8 billion for anti-competitive practices, and Ma’s public presence has dropped dramatically over the past two years.
“In terms of communication from platform companies around the festival, there has been a shift from celebrating excessive consumption and emphasize gross merchandise value (GMV),” said Jacob Cooke, CEO of e-commerce consulting firm WPIC Marketing + Technologies.
“The change has been going on for several years now, and that concerns common prosperity, anti-monopoly goals,” he added, referring to President Xi’s unrelenting efforts. The flask aims to curb the influence of big technologies.
Consumers are also tightening their belts as Beijing persists with its zero-Covid strategy that has resulted in widespread wage cuts and supply chain disruptions.
Conceived by Alibaba, the event’s title speaks of a celebration of single love inspired by four events— “November 11” – denoting its date as November 11th.
Alibaba is expected to report its earnings to stakeholders next week.
© 2022 AFP
Quote: Alibaba first announced Singles Day sales totals (November 12, 2022) retrieved November 12, 2022 from https://techxplore.com/news/2022-11-alibaba- singles-day-sales-tally.html
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