Alibaba : China’s Single People’s Day e-commerce is known as the world’s largest online shopping miracle.
But this year has been a sad story as Beijing puts pressure on businesses and economic growth slows.
Sales of the 11-day event have risen sharply since its launch in 2009, an 8.5% increase over the previous year.
However, consumer spending still reaches a new high record of 540.3bn yuan ($ 84.5bn; £ 63.2bn).
This year marks the first time that the sale of Alibaba’s Singles Day. A company that calls it “11.11 Global Shopping Festival”, has failed to achieve two-digit growth each year.
Tech Buzz China’s website
“It’s probably not so good when you consider. That the market is expected to grow by about 12%,” Rui Ma from Tech Buzz China’s website told the BBC.
“They have already taken this holiday too far. This is a huge number so it’s hard to show growth,” he added.
It comes on the heels of China’s swift action in recent months. To impose tougher new rules on the country’s internet giants.
After many years of limited Beijing governance. Officials have been applying the rules to ensure that the technology industry. Competes more effectively and contributes more to the community.
Alibaba found itself in a prominent position during the retrenchment. As it paid a record $ 2.8bn record after an investigation found. That it had abused its position in the market for years. The company also said it would change the way it conducts its business.
A different type of event
Shen Lu from the technology website Protocol told the BBC. That this year’s Singles Day was about enhancing the company’s image. “Alibaba is trying to present itself as a technology company with a social responsibility.”
“They are showing that they are obeying the rules and getting into politics,” he said.
This approach has brought more public emphasis. On the event than in previous years with eco-friendly products and fundraising campaigns for good reasons.
For example, three-hour live broadcasters were encouraged to click. “like” and help raise money for an elephant park in a rural area of southwestern China.
Ms Shen also suggested that there were signs that consumers. Were looking for new ways to shop online: “It has been 12 years now that Alibaba launched the Singles Day shopping event.”
“It was great years ago but it is no longer pleasing to Chinese consumers,” he said.
One of those new ways to buy live streaming, expert McKinsey predicts the future of online sales in China.
Last month, two prominent Chinese online retailers reportedly earned $ 3bn in just 12 hours.
Consumers may also be wary of unnecessary purchases as China’s economic recovery shows signs of depletion.
According to official figures, the country’s economy grew by 4.9% in the quarter of July to September compared to last year.
That was a much slower rate of growth per year and worse than analysts predicted.
It comes as power shortages, new Covid-19 emergencies and concerns over the country’s real estate market are an economic burden.
Alibaba Group Holding Limited, also known as Alibaba Group and Alibaba.com, is a Chinese multinational technology company focusing on commerce, retail, internet and technology. Founded on June 28, 1999 in Hangzhou, Zhejiang, the company provides consumer-to-consumer (C2C), business-to-consumer (B2C), and business-to-business (B2B) marketing services through sites web services, such as and electronic payment services, search engines and cloud computing services. It owns and operates a diverse portfolio of companies around the world in a number of business sectors.
Alibaba’s first public offering (IPO)
On September 19, 2014, Alibaba’s first public offering (IPO) on the New York Stock Exchange raised US $ 25 billion, giving the company a market capitalization of US $ 231 billion and, to date, the largest IPO in the history of the world. It is one of the 10 most important companies, and is named the 31st largest public company in the world on the Forbes Global 2000 2020 list. In January 2018, Alibaba became the second Asian company to break the US $ 500 billion valuation mark, behind its rival Tencent. As of 2020, Alibaba has the sixth highest product value in the world.
Alibaba is one of the world’s largest stores and e-commerce companies. By 2020, it has been re-evaluated as the fifth largest synthetic intelligence company. It is also one of the largest investment firms in the world, and one of the largest investment companies in the world. The company hosts major markets for B2B (Alibaba.com), C2C (Taobao), and B2C (Tmall) worldwide. It has been on the rise in the media industry, with revenues rising by 3% year on year. It also made history with China’s 2018 Day of Singleness Day, the world’s largest offline shopping day.