Chinese e-commerce giant has set a new sales record during its “Singles Day” event. Racking up more than $30.8 billion during the 24-hour shopping event, the company has managed to do 27% more business compared to the previous year’s $25.3 billion.
It was the 10th edition of the Singles Day Sale which is also called ‘Double 11 or 11.11’ sale. It is the world’s biggest online sales event that outstrips the sales on US shopping holidays Black Friday and Cyber Monday combined.
Alibaba hosted a party featuring celebrities like Miranda Kerr and Mariah Carey for the kick off of the event on Saturday. Company’s founder Jack Ma also made an appearance at the event but he did not give a speech.
There were around 180,000 brands in the shopping festival which included top technology companies such as Xiaomi, Apple, and Dyson among others. For outside China, the company has covered US and UK market with its AliExpress app.
The e-commerce giant is working on a new strategy — New Retail — this year which will merge the online aspects of its business with the offline. For example, it has a chain of grocery stores called Hema which allows users to go in and shop and pay with their phones. The Starbucks deal is also a part of the new retail strategy.
Talking to CNBC, Alibaba CEO Daniel Zhang said, “When we talk about new retail, we strongly believe that online commercial space and offline brick mortars are not separate worlds. And if you look at the customer base today, everyone is living on the internet. Everybody is an internet user. You have the same customer base. You must have the same commercial world. It’s all about how to innovate online and offline to a whole digitalized commercial world.”