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Preliminary data show that sales at Alibaba on Bachelor’s Day, the Chinese counterpart to American Black Friday, totaled $ 38.4 billion this year, up 24% from last year. In the first hour alone, sales in the largest Chinese online store amounted to $ 13 billion.
Sales growth occurred despite fears that the slowdown in the Chinese economy and trade wars could negatively affect start of the sales season. Earlier, however, Oliver Wyman consulting firm reported that more than 50% of the Chinese consumers surveyed by it intend to spend 10% more this year than last year. Moreover, 60% added that, they intend to buy goods imported to China this year despite the trade wars.
Increasingly more reports are appearing that the Chinese festival has attracted growing attention from buyers and other countries - mainly neighbors of China. According to CNBC, the Singapore-based Internet company Lazada, part of the Alibaba Group and operating not only in Singapore, but also in Malaysia, Vietnam, Indonesia and the Philippines, reported that in the first hour of sales, it received a record 3 million orders from customers in these countries. Its Singapore-based competitor Shopee, operating in the same countries, reported a threefold increase in orders compared to last year.
Research company Forrester Research notes that this year, Chinese sales day can surpass previous years due to several factors. First, these are more generous discounts and comprehensive offers for customers - for example, “discount + free delivery + cashback + installment payment”. In addition, this year Alibaba expanded the range of offers not only for the goods themselves, but also for various services - such as apartment repair services or car maintenance, discounts on visiting Disneyland, etc.
source: cnbc.com
Sales growth occurred despite fears that the slowdown in the Chinese economy and trade wars could negatively affect start of the sales season. Earlier, however, Oliver Wyman consulting firm reported that more than 50% of the Chinese consumers surveyed by it intend to spend 10% more this year than last year. Moreover, 60% added that, they intend to buy goods imported to China this year despite the trade wars.
Increasingly more reports are appearing that the Chinese festival has attracted growing attention from buyers and other countries - mainly neighbors of China. According to CNBC, the Singapore-based Internet company Lazada, part of the Alibaba Group and operating not only in Singapore, but also in Malaysia, Vietnam, Indonesia and the Philippines, reported that in the first hour of sales, it received a record 3 million orders from customers in these countries. Its Singapore-based competitor Shopee, operating in the same countries, reported a threefold increase in orders compared to last year.
Research company Forrester Research notes that this year, Chinese sales day can surpass previous years due to several factors. First, these are more generous discounts and comprehensive offers for customers - for example, “discount + free delivery + cashback + installment payment”. In addition, this year Alibaba expanded the range of offers not only for the goods themselves, but also for various services - such as apartment repair services or car maintenance, discounts on visiting Disneyland, etc.
source: cnbc.com
