Alibaba’s Singles’ Day sales set to hit a record US$23b this year
With more international brands and overseas buyers participating, China's Singles’ Day festival will continue to dwarf North America’s Black Friday online promotion, which recorded US$3b in sales last year
Singles’ Day sales transacted across all Alibaba Group e-commerce platforms this year are expected to surge 26 per cent to a record 152 billion yuan (US$23 billion), according to global consulting firm Oliver Wyman.
The growth will be supported by demand for imported products and the participation of overseas audiences, increasing the importance of cross-border e-commerce promotions in the event, the consulting firm said in Shanghai on Tuesday.
Singles’ Day spending on Alibaba platforms, including Tmall and Taobao, topped 120.7 billion yuan last year, up 32 per cent from the year before.
Alibaba has pledged to turn this year’s 24-hour online shopping extravaganza – which kicks off at midnight Friday – into an international affair, with plans to promote 100 indigenous brands abroad while offering more foreign products and services to mainland Chinese buyers.
Alibaba owns the South China Morning Post.
“With all of China on the lookout for a deal, Singles’ Day remains relevant for companies seeking to win new customers,” said Jacques Penhirin, partner and managing director of Greater China at Oliver Wyman.