Alibaba Group Holding Ltd recorded 10 billion yuan ($ 1,44 billion) of sales volume in the opening records of its annual Individual Day swamp, resulting from the beginning of last year as shoppers around the world swam online massive online bazaars e- commerce.
China's largest company, trying to defeat business through contemporary television entertainment spectacles that includes Cirque du Soleil and Mariah Carey, said the Xiaomi, Apple and Dyson products were the top three brands in early sales.
The annual retail celebration, originally dedicated to the unconnected nation, has become important not only for the company, but also to the country. This November 11 gala offers an insight into consumer feelings in China such as U.S. tensions. and tit-for-tat tariff war damages stock markets and threatens to heat the world's economy number 2.
Alibaba is still planning to marvel a growth of 39 per cent for 2017 and 168 billion yuan in transactions, which was combined with the Black Friday and Cyber Monday.
The challenge to the billionaire Jack Ma who is the councilor of Daniel Zhang is to record another record after recruiting a long decade. With a cooling economy, saturated markets and competition from smaller platforms such as JD.com Inc. and Pinduoduo Inc., Alibaba is now looking for new growth machines.
"Alibaba uses all of its platforms to make Individual Day a holiday that also includes eating and entertainment," said Jet Jing, president of Tmall, one of the company's main sites, at the Individual event. "We connect online shopping with outbound physical outlets."
One day was the idea of co-founder of Ma and Zhang, who brought the idea of turning the anti-cultural festivals into a shop trench a decade ago. After being first populated by college students, November 11 became enthusiastic about the exciting Valentine Day. It takes its name of the day in which the number has written number as 11/11, which is similar to "naked branches", expression local for those who are not connected. Now, it's an excuse for people to shop, eat and perform on entertainment shows. It's becoming as huge as packaging waste – Alibaba expects 1 billion packages to be transported this year – and potential environmental damage continues to be difficult problems.
The chief executive, who takes over from If he retired as chair next year, must prove that he can continue with that legacy. Its Hangzhou based company also uses the occasion to test the limitations of its cloud computers, distribution units and payments.
There is still some uncertainty this year, as trade tariffs and spoil values asset threatens disturbance on economic growth. Growth of Chinese online retail sales slowed to 24 per cent in the third quarter, down 12 percentage points of the previous three months, according to the Office for National Statistics.
It has been three years since Ma said he wanted to make Individual Day a global phenomenon, but that has not happened. International expansion will be a key area of Zhang's effort to keep cutting records. Last year, the three Chinese Unique Chinese Unique market were Russian, Hong Kong small and U.S. – respectively. Popular items bought abroad included mobile phones, wool coats and knitting sweaters.
At the same time, the efforts of Alibaba to proceed to the U.S. in litter. He abolished a pledge to create a million jobs in the country, who lost his American American trading company and plans for Ant Financial Affiliate to acquire MoneyGram. US President Donald Trump said in mid-October that he intends to withdraw from an 192 nation agreement that allows Chinese companies to reduce shipping rates for small packs sent to American consumers, making it & Even more difficult for Chinese traders to go to the market.
South East Asia will provide the clearest sign of Alibaba's ability to get global. With Lazada based on Singapore now full under its wing, the region remains one of the company's brightest places, in the background of slowdown growth in China and the rise of the growing trade war.