Alibaba’s number of online shoppers on this year’s ‘super huge’ single day could reach 500 million, more than the entire US population!

Tram Ho

Alibaba Group expects to have another 100 million users shopping on its online platform Tmall and Taobao at the shopping festival that takes place on November 11 this single. However, they refused to disclose the target sales value of the event.

Based on an analysis of data and consumer behavior, the e-commerce giant said that on October 21 the number of participants could reach 500 million in the upcoming Single Day. Dubbed China’s Black Friday, Alibaba’s event has shown its strong appeal and aggression in the world’s most populous country.

Jiang Fan, Chairman of Taobao and Tmall, said at a press conference in Shanghai: “We don’t aim too much towards creating total transaction value (GMV: Total amount of goods sold on the platform. online) is bigger. We hope this year’s event will create social value by getting more people involved. ” He added that Alibaba aims to stimulate consumer demand through new brands and products.

Beijing has been trying to boost consumer spending to somewhat improve the economy slowing down since the trade war between China and the US began 15 months ago.

In the first half of this year, retail sales contributed a lot to China’s economic expansion, accounting for 60% of growth. The world’s second-largest economy said its gross domestic product (GDP) increased by 6% in the third quarter, meeting Beijing’s target of 6% to 6.5% in 2019.

With sales of some high-value items like cars on the decline, Beijing is working hard to boost the fast-moving consumer goods of the mainland’s thriving middle class, who are willing to increase. Spending on food, cosmetics and clothing due to their life is significantly improved.

Alibaba started its Singles Day shopping festival in 2009 with a total transaction value of 52 million yuan (7.36 million USD). The group’s GMV last year reached 213.5 billion yuan, an increase of 27% over 2017.

Alibaba’s 11/11 event explores a global supply chain to meet the growing needs of Chinese consumers. More than 200,000 brands will participate and more than 1 million new products will be sold.

Eric Han, senior director of business consulting firm Shanghai Suolei, said if Alibaba could really attract 100 million people to join for the first time on Singles Day, that would help boost consumer growth because the fact that many new shoppers, after getting acquainted with mobile shopping, will increase future spending.

Single days are named based on 11/11 numbers. According to the Chinese, this is a symbol for single people and not bound. This day honors the pride of being single. Now, however, it has become Alibaba’s largest shopping event in China for everyone. Last year, the group’s turnover reached a record of more than 30 billion USD.

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Source : Trí Thức Trẻ