The Chinese Alibaba Group revealed that orders through its e-commerce sites during the buying wave on Singles’ Day had exceeded 56 billion dollars by yesterday morning, as consumers bought about 16 million items subject to the discount.
This day is the biggest sales occasion in the world, as it bypasses Black Friday and Internet Monday in the United States combined, and extends over four days this year.
This performance is likely to be good news for Alibaba Group Holding Company, a week after it lost about 10 percent of its market value following the withdrawal of the regulators to list its financial technology subsidiary Ant Group.
This performance in sales also comes in light of an economic recovery with the outbreak of the Corona virus under control in China, while closing borders and limiting movements means that more consumers are spending while at home. Given their size, these sales are widely considered an indication of the strength of China’s economic recovery after the outbreak of the virus.
In addition to the simple discount rates on the usual prices of goods, “Alibaba” urges shoppers through its multiple platforms to use mobile game applications, select multiple purchases from stores and place orders in the first hours of the discount period to get the best offers.
Orders on the GMV platform exceeded 372.3 billion yuan (56.3 billion dollars), recording a record number of orders of 583,000 every second, Alibaba announced.
Two million items were offered for discount for the first time, which is nearly double the number last year when the platform reported sales of $ 38.4 billion on the same day.
Analysts expect sales of luxury brands to rebound this year in China, as consumers who usually travel abroad remain home shopping due to border closures and travel restrictions.