Celebrated on November 11 (11/11) chosen for the connection between singles and 4 of the number ‘1’, “Singles’ Day” is a day popular among Chinese young people who are single and has become the largest online shopping day in the world.
Alibaba, the Chinese e-commerce giant owing Taobao.com & T-mall, along sold twice what all US companies sold on Black Friday and Cyber Monday combined last year. However, the growth of online selling among public in China also gathering huge amount of complaint about counterfeit goods, false information and deceitful selling practices.
The well-developed logistic infrastructure allows Hong Kong to take advantage of a exchange port to help Chinese selling to ship worldwide.
Source: The Standard Finance
Markets are betting online sales at Alibaba during this year’s “Singles’ Day” today may reach 60 billion yuan (HK$76 billion), in the world’s biggest shopping spree.
Sales previously peaked last November 11, at 35 billion yuan nearly four times the US$1.46 billion (HK$11.38 billion) sales chalked up on Black Friday in the United States last year.
“It’s going to be scary,” said Alibaba chairman Jack Ma Yun when meeting Canadian Prime Minister Stephen Harper on Friday at the firm’s Hangzhou headquarters.
Following its September listing in New York, Alibaba’s turnover on Singles Day when huge discounts and promotions are offered is also expected to be keenly watched by US-based analysts.
More than 200 merchants from over 20 countries are set to take part in the promotions, said Yi Fang, general manager of Tmall International, a major virtual marketplace owned by Alibaba.