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Singles’ Day: China’s $25 billion shopping festival explained
Ma became interested in the English language as a young boy, and during his teens he worked as a guide for foreign tourists to Hangzhou. Ma failed the entrance exam for the Hangzhou Teachers College twice. His weak point was mathematics.
Posted: Aug 6,
The Chinese retail giant warned in mid-February that the coronavirus, which was spreading in China at the time, would damage its March quarter results. On Friday, Alibaba management will give a fuller picture of the pandemic’s impact on its sales and operations. By the time Alibaba reported its December quarter results, the coronavirus was already wreaking havoc on both supply and demand for goods in China.
Management cautioned at the time that Alibaba’s overall revenue growth would be negatively impacted in fiscal Q4, with potential negative growth for its retail marketplace and local services. Alibaba will also give commentary on what it’s seen so far in April and May. In a recent note, analysts at CCB International wrote that Chinese e-commerce is “well on its way” to a recovery, writing that it could fully recover by the end of the fiscal first half.
Officials in China have enacted a few policies to help this along, such as offering subsidized online coupons. Alibaba is China’s largest online retailer, and also has a growing footprint in advertising, cloud services, entertainment and other lines of business. Expect Alibaba management to highlight its progress in cloud computing, which has seen an overall boost alongside remote work and stay-at-home procedures.
Inside the startling, chaotic rise of Alibaba’s Singles’ Day bonanza
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HANGZHOU: Chinese e-commerce behemoth Alibaba’s annual takes off its name of Singles‘ Day because of the date which looks like.
He never fails to impress the hell out of me and every time I see him and my first thought is BUY. Alibaba makes the naive think China sourcing is easy. I realize blaming Alibaba for the mistakes companies make in using its site is not completely fair, but at the same time, I do not see much use for the site beyond its serving as a directory of potential manufacturers of particular products.
The event is named after the calendar date 11/11, with the four ones seen as symbolizing the state of being single. It started out on Chinese.
On November 11, Taobao mall had a 50 per cent sale with free nationwide shipping. By midday brands were calling the company to tell them to take them offline because they had cleared out their stockrooms. In a single day most of the brands on the platform had managed to sell goods that would have taken months to shift. The promotion had brought in over six times as much business as a normal day.
Little did Daniel Zhang know, as the messages rolled in, that this day would be the day that changed his life. Eleven years later, on November 11, , he would be seated in the front row of an auditorium at the Alibaba campus in Hangzhou as CEO of the company. Before him would be a stage and a giant LED screen counting down.
Alibaba’s Singles’ Day smashes previous records, clocks $38.37 billion in sales
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Jack Ma, the founder of Alibaba Group, at an award ceremony for rural Page 8 of the New York edition with the headline: Alibaba’s Founder.
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