We reported yesterday that Alibaba is well on its way to create a history. 2020 is perhaps the most unique and different year of our lifetime. Pandemic dented the economies all over the world badly but luckily for Alibaba, things could not have been any better.
Alibaba sales passed $74 billion. This is almost double the number of Singles’ Day sales last year. Although the high sales are likely boosted by a longer shopping time as this year the sales lasted 4 days rather than typical one day on 11th November.
More than 250,000 brands and around 800 million consumers participated in the Singles’ Day sales, making it the world’s largest shopping event. This year, Alibaba doubled their sales by more than $35.8 billion. It is a unique record and because of Pandemic, people preferred online shopping over going to retail stores, the eCommerce sales helped in a long way.
Singles day takes place every year on November 11th. It is a Chinese shopping holiday started by Alibaba to celebrate single people who do not have a Valentine on Valentine’s day. This year Alibaba followed the sales strategy of US retainers around Black Friday, prolonging the sales duration and this longer duration resulted in the world’s record-breaking sales.
Alibaba broke all records last year when it celebrated $38 billion sales on Singles’ Day last year. This was $7 billion more than sales on the event in 2018. in 2017, Alibaba generated $25 billion in sales on Single’s Day.
eCommerce is the future. While Mark Zuckerberg and few other high icons lost a huge amount of money in a single day at the start of the week on Monday earlier this month, Jeff Bezos accumulated wealth still surged higher and the reason is eCommerce business.