Alibaba Group Holding Ltd kicked off its annual Single’s Day mega-shopping event on Wednesday, as the company seeks to cash on discount seeking consumers in the post-pandemic period, according to Yahoo! News. The shopping extravaganza follows a week after Alibaba lost almost $76 billion of market value after the cancellation of the blockbuster $37 billion Ant Group’s IPO.
- Alibaba will introduce more than 2 million new products, which doubles the last year’s amount.
- This year, analysts anticipate success for luxury brands as Chinese consumers used to shop overseas now buy high-end goods at home.
- Alibaba launched the online blitz early in the year, comprising two primary discount periods from Nov. 1 to Nov. 3 and another on Nov. 11 full day.
- Within the first hour of the Nov. 1 event, Alibaba’s e-commerce sites Taobao and Tmall sold over 110 million cups of coffee, 4.2 million kilograms of rice, and 2.5 million kilograms of tea.
- Alibaba launched the first shopping event in 2009, becoming the world’s biggest online sales festival, and recorded $38.4 billion in Gross Merchandise Volume (GMV) last year on the sale day.
Alibaba’s stock is currently declining. BABA: NYSE is down 7.44%
