Lulu Yilun Chen
Alibaba Group has recorded 10 billion yuan of sales volume in the minutes of its annual Singles Day extravagance, surpassing last year's start, as buyers across the globe have crowned e-commerce online retailers.
China is the biggest company attempting to infect the business through a simultaneous television entertainment spectacle in which Cirque du Soleil and Mariah Carey reported that Xiaomi, Apple, and Dyson were the first three in early sales.
The annual retail celebration, originally devoted to the national incompatibility, has become an important bell tower not only for the company but also for the country. This year's gala on November 11 offers insight into consumer attitudes in China as US tensions, and the tactical tariff war hits the capital markets and threatens to dampen the world's economy by number two.
However, Alibaba intends to bridge the growth of 39 percent in 2017 and 168 billion yuan in transactions, in combination with Black Friday and Cyber Monday.
A terrible run
The challenge for billionaire Jacko Ma and his lieutenant Daniel Zhanga is to speed up another record after a fierce decade. With cooling, saturated markets and competition from smaller platforms such as JD.com Inc. and Pinduoduo, Alibaba is now looking for new growth engines.
"Alibaba uses all of its platforms to make Individual Day a holiday that includes dining and entertainment," said Jet Jing, president of Tmall, one of the company's major companies, on a day-to-day day. "We're connecting a network purchase with offline physical sockets".
An individual day was the idea of co-founder Ma and Zhang, who came to the idea that over the past decade the counter-cultural vacation turned into a shopfest. First popularized by students, November 11, they emerged as an anti-sentimental sentiment of Valentine's Day. His name comes from the manner in which the day is written as numeral 11/11, which resembles "naked branches", a local term for unrelated. Now it has become an excuse for people to buy, eat and entertain entertainment shows.
It has become so huge that packaging waste – Alibaba expects billions of packages to be delivered this year – and potential environmental damage remains problematic.
The Chief Executive Officer, who will assume the Chairman of the Retirement for the next year, must prove that he can continue with this legacy. Its headquarter in Hangzhou also uses the opportunity to test the boundaries of its forms of processing, delivery and payment in the cloud.
However, this year there is some uncertainty as trade tariffs and the deflation of property values threaten the deterioration of economic growth. China's online retail growth slowed to 24 percent in the third quarter, by 12 percentage points over the previous three months, according to the Central Bureau of Statistics.
It's been three years since Ma said he wanted Singles Day to be a global phenomenon, but that did not happen. International expansion will be a key part of Zhang's efforts to keep track of records. Last year, the first three non-Chinese single-day markets were Russia, tiny Hong Kong and the US – in that order. Popular items bought abroad include mobile phones, woolen coats, and knitted dresses.
At the same time, Alibab's efforts to push into the United States are spraying. He declined his efforts to create a million jobs in the country, lost his top American dealmaker, and rejected plans for affiliate Ant Financial to earn MoneyGram. US President Donald Trump said in mid-October that he plans to withdraw from the 192-nation deal that companies in China provide retail price reductions for small packets sent to US consumers, which is making it even harder for Chinese merchants to market.
South-East Asia will give the clearest indication of Alibaba's ability to go globally. With Lazad, headquartered in Singapore, now fully under the wing, the region is still one of the relative bright spots of the company, focusing on the slowdown in China's growth and the turmoil triggered by the growing trade war.