Alibaba takes in US$84.5b in orders in toned-down Singles Day

[The_King]

BEIJING, Nov 12 — Chinese e-commerce giant Alibaba Group Holding Ltd recorded 540.3 billion yuan (RM352.2 billion) in orders, or “gross merchandise value” (GMV), over its 11-day Singles’ Day sales event, marking a roughly 14 per cent increase from the year prior.

 

The results come as overall consumption in China slows, and cap a relatively muted version of a sales festival that Alibaba once aggressively promoted.

Before the sales period began, analysts had said they expected Alibaba to report only a minor increase in GMV this year, citing slowing retail sales, supply shortages, power disruptions and Covid-19 lockdowns.

 

Alibaba turned China’s informal Singles’ Day into a shopping event in 2009 and built it into the world’s biggest online sales fest, dwarfing Cyber Monday in the United States.

 

 

Since then, the festival, which Alibaba last year stretched to a 11-day event with the best deals concentrated in two discount periods, Nov. 1-3 and Nov. 11, has become a closely watched gauge of consumer sentiment in the world’s second-largest economy.

Last year, the company racked up US$74 billion in GMV over the event’s 11 days.

This year, Alibaba Group Holding Ltd played down its sales figures and touted its social welfare initiatives in the final hours of its Singles’ Day festival on Thursday, marking a shift in tone for the highly-publicized event.

Eschewing a rolling tally tracking transactions that had taken centre stage in previous years, Alibaba urged viewers of a three-hour livestream to click “like” and help raise 1 million yuan for a 200-acre (81-hectare) elephant reserve in China’s rural southwest.

The e-commerce giant has toned down the marketing hype amid ongoing regulatory tightening from Chinese authorities, saying its focus was on sustainable growth this year.

In previous years, Alibaba would tout Chinese consumers’ demand for washing machines, smartphones, and makeup with a night-long presentation of statistics. But this year it used its gala to highlight initiatives such as a program that assists disabled individuals in buying apparel and efforts to use more environmentally-friendly packaging.

Still, the event remains a top draw for millions of merchants and shoppers, with flashy deals and live-streamers hawking products from skincare products to sports shoes on Alibaba’s platforms, including its Taobao and Tmall marketplaces.

Alibaba said that nearly 400 brands, including Apple Inc and L’Oreal SA, have raked in more than US$15 million in sales each by mid-day on Thursday.

The shopping event comes after a year of ongoing regulatory tightening from Chinese authorities in several industries, during which Alibaba was a frequent target.

The e-commerce giant was fined a record US$2.8 billion for monopolistic behaviour in April and its founder, Jack Ma, China’s highest-profile entrepreneur, has retreated from public view after criticising Chinese regulators a year ago. — Reuters

[socrates469bc]

1 hour ago, The_King said:

BEIJING, Nov 12 — Chinese e-commerce giant Alibaba Group Holding Ltd recorded 540.3 billion yuan (RM352.2 billion) in orders, or “gross merchandise value” (GMV), over its 11-day Singles’ Day sales event, marking a roughly 14 per cent increase from the year prior.

 

 

 

confirm the increase is fudged gao gao.

 

tiongland having economic slowdown and if sep-oct house sales r down more than 50% yoy, how can alibaba still have increased sales???????

 

really think limpeh is kgk gao gao.

Edited November 12, 2021 by socrates469bc

[chamfer]

Never buy anything for 11.11 sale on taobao.

 

Sea shipping fee increased a lot. And delay in shipping too due to port congestion.

 

I bought some 3 kg of yarns around 3 weeks ago but sea shipping charges was for 6 kg (volumetric weight). Cost me nearly $18 (before increase is around $12)

[unclefcuker]

Buying BABA nao!

[unclefcuker]

7 hours ago, socrates469bc said:

 

confirm the increase is fudged gao gao.

 

tiongland having economic slowdown and if sep-oct house sales r down more than 50% yoy, how can alibaba still have increased sales???????

 

really think limpeh is kgk gao gao.

Maybe BABA give out many cash vouchers, then people buy gao gao using cash vouchers.  Sales increase gao gao but is left pocket to right pocket then to sellers’ pocket.

[socrates469bc]

On 11/12/2021 at 6:19 PM, unclefcuker said:

Maybe BABA give out many cash vouchers, then people buy gao gao using cash vouchers.  Sales increase gao gao but is left pocket to right pocket then to sellers’ pocket.

 

actually baba sell discounted cash vouchers to entice impulse buying.

 

in the end, sellers get squeezed gao gao but not as bad as by landlords.

 

another way to fudge the sales is to reverse the transactions after 6 days.

 

since overall sales figures r not broken into months in the fy reports, they can fudge figures gao gao to make them look good.