Alibaba sets $52 billion Singles' Day sales record

The Alibaba Group has logged more than 268 billion yuan (S$52 billion) of purchases during its Singles' Day bonanza, exceeding last year's record haul after a 24-hour shopping marathon.

An estimated half-billion shoppers from China to Russia and Argentina swarmed the e-commerce giant's sites to scoop up everything from Apple and Xiaomi gadgets to Ugandan mangoes.

The company again hosted a televised entertainment revue in Shanghai to run alongside the bargain-hunting, this time enlisting Taylor Swift and Asian pop icon G.E.M. to pump up sales. The world's largest shopping event has become an annual ritual for Asia's largest company, part showcase of commercialism and part publicity blitz.

Also referred to as "Double 11" because it falls on November 11, it's closely watched by investors keen to gauge how willing Chinese consumers are to spend as economic growth threatens to slip below 6%.

Alibaba does not fear the trade war
On Sunday, Alvin Liu, a Tmall general manager, said Alibaba doesn't expect any impact on its cross-border import business from an ongoing trade spat.

"Alibaba will probably be the one that will be able to circumvent and come out from the trade war in better shape" versus Baidu and Tencent, Richard Wong, head of ICT for the Asia Pacific at Frost & Sullivan.

Source: straitstimes.com


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