Alibaba is a platform which took form in 1999; the purpose was to make it convenient for the buyers to connect with Chinese traders from all corners of the world. After instigating the annual shopping spectacle, which kicked off on Saturday evening, Alibaba claimed it had already exceeded and stroked the total sales figure which is $168.2 billion yuan ($24.2 billion) before long 4 O’clock noon.
Alibaba hosted a festival which featured celebrities; including Australian model Miranda Kerr, Cirque de Soleil and singer Mariah Carey which broadcasted live on two mediums of television and video streaming platform Youku, from Shanghai. The creator of the company Jack Ma also came into view in the festival.
In 2009, Alibaba initiated an idea of the event Singles Day in the command of Daniel Zhang, who is the company’s contemporary CEO and will soon be designated as the executive chairman next year. The title of the event, Singles Day was drawn from the date 11th November, which is an official holiday that primarily created as anti-Valentines’ Day for the young adults of China who are unmarried and have zero interest in romantic attachments. In an attempt to spread out into Southeast Asia, promotions of Singles day took place for the very first time in Singapore Malaysia, Thailand, Indonesia, the Philippines and Vietnam by the Lazada, who is the contributor of Alibaba.
The event was fundamentally offering 50% discount along with the free shipping in the boundaries of China. The lonesome hearts of China raised the roof in their singlehood by indulging themselves in buying gifts, to fulfill their own satisfaction and to cheer up their single mates. “The sales got off to a good start by hitting 52 yuan within that first 24 hours, although the average daily sale was 8 million yuan at that time” claims Zhang.
Singles Day turned out to be the leading shopping day of the year in the US not only this, but the outcome of the Singles day succession also became the reason of trade war in the US to which the creator Jack Ma countered and termed such act as “the most absurd thing in this world”. This day even banged the record of the sales engendered on Black Friday and Cyber Monday.
The CEO Daniel Zhang says in his exclusive interview with CNBC, that the U.S -China trade apprehensions might become a chance for the resolution.
“Nobody likes the unsettled economic condition neither the trade war. Our aim is to find out the opportunities in hard times and to lend a helping hand towards the people who are having hard-hitting time in getting new business, not only in China but also in the worldwide markets,” Zhang states in his interview with CNBC
The richest person of China wrote a letter to the employees, patrons, and shareholders of Alibaba “The leaders of upcoming generation live up to the absolute level of my confidence and trust,” states Ma in the letter. “Believing in Daniel and his team in the process of initializing Alibaba was the most appropriate decision, as I knew that they are ready.”
Over the past decade, Zhang was the originator at the rear of Single Day victory. Zhang was also praised with the plan of ‘new retail’ that aspires to assemble online elements of its business with the detached one. It contains a series of grocery stores named Hema which permits the user to go in and purchase, just pay with their phones and saunter out.
“When it comes to new retail, we do not consider an online business world and offline brick mortars the divided worlds. If you take view from the eye of the customer you will understand that this is an era of an internet, every single person is influenced with it and both the online and offline worlds occur together, all of this falls in the crux of how to establish online and offline to an entire digitalized commercial world,” Zhang utters in his interview with CNBC.
Alibaba with its victory of Singles Day became the country’s most leading internet company with a market capitalization of nearly 375.5 billion. Although challenging with the trade war, the foreigners amalgamated with a low economy rate and result in raising the competition from JD.com and Piunduodo in its in-house market.
Despite the fact that Alibaba rules an online trading world and holds a record of generating enough sales in one day which simply proves that your one wise and smart move can result in leading the world within the minutes.