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Alibaba Earns Billions Of Dollars In Just 90 Minutes

11 Nov

Alibaba Earns Billions Of Dollars In Just 90 Minutes

Alibaba faced huge sales in Singles Day due to its hype.

Alibaba has boosted its sales revenue. Today is the biggest buying day in the world and people probably are unaware of it. In China, it is November 11, and the huge electronic trading event named “Singles Day” is currently underway. Introduced by the Hangzhou-based company six years ago, the concept is that buyers who are single can surf the internet and find a good gift for themselves for 24 hours.

However, the question remains that how huge is the Singles Day? This year, during Alibaba’s four-hour TV event the night ahead of the day (yes, in 2015 they celebrated “Singles Day’s Eve”), the company jogged out movie starts and a parade of Chinese popular celebs. James Bond came onstage with the organization’s Executive Chairman Jack Ma. Similarly, Kevin Spacey appeared through a videotape in his House of Cards persona, President Frank Underwood.

Alibaba news exclaimed in short, no expenditure got spared in the event and no expense would be spent in the trading enterprise’s organization of the program either. This year, it shifted the opening festival from its Hangzhou head office in eastern China to its capital, Beijing, where its largest competitor JD.com is situated.

Alibaba news today informed that despite the loss of $55bn in American market value in the current year, and regardless of a slumping Chinese economy, China’s leading ecommerce player states intends to employ 1.7 million delivery workers, 400,000 automobiles, 200 aircrafts, and 500 warehouses to facilitate package deliveries. As per reports of Wired, a Chinese market research organization’s principal research analyst stated, “When Singles Day becomes a national shopping celebration; competitors might enjoy the same or stronger growth in that day, too. So in a sense, the sales of the Singles Day do indicate the growth momentum of Alibaba and its competitors.”

At least assessing by the initial figures, the organization’s attempts have proved to be successful. In the first one and a half hour after the event kicked off, at 12:00 am in Beijing, Alibaba stated it crossed $5bn in total sales revenue. 74% of those belonged to mobile phones and global companies – from Apple to Nike – often gave concessions to attract more shoppers.

Alibaba Breaking news reported that in 2014, the trading giant’s cumulative sales revenue reached $9.34bn (57.1 billion Yuan), on 278 million delivered orders. In the meantime, during this year in the United States, online sales worth $6.56 billion took place on Black Friday promotions, which is known as Thanksgiving through Cyber Monday, stated research organization, eMarketer.

People have been expecting such huge figures due to the hype of the event. Furthermore, it could be assumed that the recent development would threaten the organization’s rivals and competitors in the competitive market.

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Posted by on November 11, 2015 in Ali Baba, Technology

 

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