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| Alibaba Singles' Day sales have reached $ 56 billion |
Alibaba, Asia's most valuable technology company, set a new sales record at its annual shopping event called Singles' Day.
In China, Singles' Day is usually a 24-hour shopping event. Alibaba, JD.com, and other operators offer massive discounts on millions of products on e-commerce platforms.
Singles sales in China exceeded sales of Black Friday and Internet Monday in the United States.
This year retailers expanded their shopping activities, which began on November 1 and ended at midnight on November 12.
Alibaba said that at 12:30 pm Beijing time on Wednesday, the total value of GMV goods (this figure shows the total value of orders through the Alibaba shopping platform) exceeded 372.3 billion yuan (372.3 billion yuan). $ 56.42 billion).
The figure equals the total sales since the store launched on Nov.1, and exceeds the 268.4 billion yuan ($ 38.4 billion) the company posted in the 24-hour day last year. Singles.
JD.com (JD.com) is Alibaba's main competitor at 12:09 PM Beijing time on Wednesday, the platform's transaction volume reached 200 billion yuan.
Even though Alibaba has registered large numbers, it is still struggling a lot. In fact, the Chinese government proposed new antitrust rules, and yesterday the company lost $ 60 billion in market value in one day.
Alibaba sales maintained the record of $ 10.4 billion at Amazon during the Prime Day event (a two-day period last month).
This year, consumers have shown interest in the new 5G technology. Alibaba said that Singles' Day will see 2 million new products on its platform this year, double what it was last year.
Last week, Alibaba announced second-quarter revenue for the current fiscal year that exceeded expectations as core e-commerce revenue rose by nearly a third after China imposed lockdown restrictions due to the coronavirus.
Alibaba said the group's revenue increased 30% to reach $ 23 billion, cloud business revenue increased 60% to 27.24 billion yuan, and core business revenue increased to 264.24 billion yuan.