All rights reserved. That forecast, combined with the success of the 2020 Singles Day sales, suggests that the Chinese economy is recovering well from the pandemic. Katy Perry sang at the pre-festival concert (appearing virtually), while U.S. brands from Apple to Nike made strong showings. That's great news for JD.com, Alibaba is spending more than $3 billion to dominate online groceries in China, A multibillion-dollar shopping obsession goes mainstream in China, slammed the brakes on the highly anticipated IPO of Ant Group, China halts Ant Group's giant IPO after dust up with billionaire Jack Ma. Import & Export on alibaba.com According to Bloomberg, “during the first 111 minutes of sales on Nov. 1, Nike Inc. and Apple Inc. were among 100 brands that reported 100 million yuan ($15 million) in transactions. Alibaba.com offers 445 2020 playground sale products. Alibaba’s shares had already dropped sharply last week after that event. Accessed Aug. 12, 2020. The stock fell after the Chinese government announced new antimonopoly rules that will increase the pressure on eCommerce marketplaces and payments services. Alibaba boasts over US$70b sales as first post-virus Singles’ Day nears end Wednesday, 11 Nov 2020 04:51 PM MYT A logo of Alibaba Group is seen during Alibaba Group’s 11.11 Singles’ Day global shopping festival at the company’s headquarters … The report also examines how the knowledge that a COVID-19 vaccine will soon be available throughout the U.S. could affect their perceptions. For example, the definition of “relative market” means that companies in a “dominant position” if they control more than 50 percent of the market would come under the new regulations. The aim of China’s new regulatory proposal is reportedly “to prevent and stop monopolistic practices in internet platforms’ economic activity, to lower compliance costs for law enforcers and business operators, to enhance and improve antitrust regulations on the platform economy, to protect market fairness, to ensure the interests of consumers and society, and to encourage the healthy and continuous development of the platform economy.”. "It's not patriotism ... it's just the technology, design and quality are better, therefore there is just more confidence" in Chinese brands, Penhirin said. Singles Day regularly racks up bigger sales than Black Friday and Cyber Monday combined. ", Oliver Wyman found that while foreign brands continue to dominate popular Singles Day categories such as cosmetics and infant formula, a growing number of Chinese shoppers will buy local brands. Singles Day — Alibaba’s popular shopping holiday that takes place every Nov. 11 (“11-11”) in China and some other countries — saw online sales explode past last year’s sales totals. Alibaba Sales … Alibaba annual revenue for 2020 was $71.985B, a 28.2% increase from 2019. November 5, 2020, 6:50 AM EST Updated on November 5, 2020, 8:58 PM EST ... Alibaba had benefited from stronger sales in its home market, which had led the global recovery from Covid-19. Alibaba annual revenue for 2018 was $39.898B, a 73.51% increase from 2017. All rights reserved. For brands and retailers scrambling to recover from months of shuttered shops and consumers hunkered down indoors, the lucrative Chinese shopper is a much-needed bright spot. Alibaba Sales Growth Plumbs New Lows While Uncertainty Escalates By . International hotel groups Marriott International Inc. and Accor SA also passed the 1 billion yuan transaction mark for the first time.”. Chinese shoppers "continue to spend like crazy," said Oliver Wyman partner Jacques Penhirin, who led the survey. And yet the China Consumers Association, a state-backed national consumer rights group, urged for "rational consumption" during the upcoming Double 11 shopping season, according to statements it issued last week. Alibaba Generates RMB498.2 billion (US$74.1 billion) in GMV during the 2020 11.11 Global Shopping Festival. China's annual Singles Day online shopping bonanza regularly hauls in tens of billions of dollars for Alibaba and other e-commerce and retail companies in China. Most stock quote data provided by BATS. May 22, 2020, 7:15 AM EDT Updated on May 22, 2020, 10:17 AM EDT 4:24. Together both JD.com and Alibaba brought in over $68 billion in Singles Day sales last year. 2020 is perhaps the most unique and different year of our lifetime. We reported yesterday that Alibaba is well on its way to create a history. So shoppers are approaching Singles Day with an indulgent mindset. “[Singles Day] has historically served as a very accurate indicator for what’s happening in the following year for retailers, brands as well as consumers,” said Jonathan Cheng, head of China retail at Bain & Co. “For this year, with COVID, it’ll become more important. That’s up from $38.4 billion last year. And Estee Lauder’s flagship store on Alibaba’s Tmall platform was the first to surpass 1 billion yuan in sales, the e-commerce company said. Alibaba Group Holdings Ltd. "Alibaba Group Will Announce June Quarter 2020 Results on August 20, 2020." Alibaba smashes 2019 11.11 record by posting $56b in 2020 GMV with 23 hours to go. However, the company technically started Singles “Day” on Nov. 3 this year, so the totals reflect more than a week of sales rather than just 24 hours. It takes place on November 11, a date that was chosen because it is written as four ones, or singles. An opportunity to start anew, to reinvent some aspect of your life, to refocus on tasks that got forgotten in the heat and lazy days of summer. THE DECEMBER 2020 SUBSCRIPTION BUNDLING REPORT, Alibaba On Facilitating Cross-Border Trust To Boost International Commerce, Alibaba Bridges Cross-Border B2B Buyer-Seller Trust Gap, Alibaba Retail Exec: Chinese Consumers Spending More Amid Pandemic, MercadoLibre Banking License Hints At New Arrow In Quiver Vs. Amazon, Amazon, Walmart Benefit As More Than 1 Million Food Stamp Shoppers Buy Online. Alibaba’s Singles Day performance on Wednesday (Nov. 11) shows that the Chinese consumer is back — big time. Compared to the same timeframe as last year, this year's haul represents an increase of 26%, the company said. "China's economy has seen a strong recovery and Chinese consumers' purchase behaviors have already returned to pre-pandemic levels, if not higher," according to Xiaofeng Wang, analyst with market research firm Forrester. 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