Amazon vs. Alibaba: Which Is Winning the E-Commerce Wars?
Nov 14, 2017, 00:40
If you're single, you might want to consider moving to China, as Alibaba Group Holding Ltd (NYSE:BABA) has created the kind of anti-Valentine's Day shopping extravaganza that many flying solo in the states spend on holiday lattes. Compare that to the $3.34 billion in sales US retailers generated on Black Friday past year.
"168.2 billion yuan sales is not only a record in China, but also a record worldwide", saidAlibaba chief executive Daniel Zhang Yong.
Ninety percent of transactions took place via the company's Alipay payment solution, up from 82 percent a year ago.
PChome subsidiary PChomestore Inc (商店街) said that orders on Saturday broke the company's daily order record - 430,000 - and that revenue ballooned 600 percent compared with the same day a year ago.
Alibaba (BABA.N), the Chinese e-commerce giant, said on Saturday its Singles' Day sales extravaganza hit $25.4 billion, smashing its own record from previous year and cementing it as the world's biggest shopping event. The e-Commerce giant sold $25.3 billion in merchandise through its marketplaces on November 11, a 39% increase over the previous year.
Chinese consumers have spent billions of dollars shopping online for anything from diapers to diamonds on "Singles Day", a day of promotions that has grown into the world's biggest e-commerce event. The U.S. Securities and Exchange Commission launched a probe into Alibaba's accounting practices in 2016, including into its Singles' Day data.
On Saturday, China held its ninth annual 11.11 Global Shopping Festival - otherwise known as Singles Day. More than three-quarters of a billion people visited Alibaba platforms and had access to more than 60,000 global brands and over a million individual retailers. Alibaba has a big footprint around the world, including corporate offices in 12 countries, and it accounts for over 11% of all retail sales in China.
The company flew celebrities to Shanghai to perform at a televised gala to mark the hours leading up to the start of Singles Day.
To pump merchandise, the Chinese company also hosted a star-studded gala with film star Nicole Kidman and American rapper Pharrell Williams.
More than 40% of the brands taking part this year came from outside China, according to eMarketer.
Shoppers in Singapore, Malaysia, Thailand, Indonesia, the Philippines and Vietnam ordered 6.5 million items, 191 per cent or almost double that of past year, Lazada said in a media release on Monday (Nov 13). Alibaba has said Cainiao expects 3 million people to handle packages during the 24-hour-period.
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