Tuesday, January 19, 2021

Alibaba Records Whopping $30 Billion Sales on “Single’s Day” in China

Chinese e-commerce giant Alibaba recorded a $30.7 billion sales on  Singles’ Day during its 24-hour online retail frenzy on Sunday, but the event’s annual growth dropped to its slowest rate.

Shoppers in China and across the world grabbed up hot products including phones, furniture etc starting pre-dawn, with Alibaba recording approximately $10 billion in sales in the first hour after midnight.

Singles’ Day in China is the world’s biggest online sales event, outstripping the sales of U.S. shopping holidays Black Friday and Cyber Monday combined. The Chinese event was originally a novelty student holiday to celebrate being single, countering the Valentines Day but has since grown into a month-long online shopping festival that peaks with a 24-hour sale on November 11.

Despite the record haul, the annual sales growth rate fell from 39% to 27% at the low end of analyst estimates, and the slowest rate in the event’s 10-year history.

It comes as the company is grappling with a weaker sales outlook amid rising trade tensions between China and the United States that have taken a bite out of China’s economy.

More News at EurAsian Times

Featured

UN Under Fire For Leaking Info On Uighur, Tibetan & Hong-Kong Activists To China

The UN Human Rights Office is under fire for sharing the names of Chinese government opponents, including Uighur activists, Tibetans and Hongkongers, who took...

Indian Air Force Bets Big On Russian Jets; Set To Acquire More MiG-29, Su-30 MKI Fighters – Reports

The Indian Air Force is set to procure 21 MiG-29s and 12 Sukhoi-30 MKI fighter jets from Russia. This development comes after the Indian...

UK, Germany, France Warn Iran Against Starting Work On Nuclear Program

Tensions between Iran and the EU nations including the UK, Germany and France have reached a fever pitch over Tehran’s decision to accelerate nuclear...

Afghan President Ashraf Ghani Condemns Attack On Female Judges; Urges Taliban To End Violence

Afghan President Ashraf Ghani in a statement said the terrorist attack and continued violence is contrary to Islamic guidance and urged the Taliban to...

Why Pakistan Keeps Calling India’s Ruling Party BJP’s Parent Body RSS A Terror Group?

Pakistan has urged the United Nations Security Council to designate India’s Rashtriya Swayamsevak Sangh (RSS) -- the parent organization of the ruling Bharatiya Janata...