Alibaba on 11/11 smashed all internet records by not only improving on their 2018 Singles’ Day sales but also created the history of the highest ever sales in a day. The company’s revenue in 2019 is 376.8 billion CNY (US$56.152 billion) and on 11/11 Singles’ Day, the company did sales of $38b.
Alibaba Singles’ Day sales also beat Amazon’s estimated Prime Day sales. That is the power of the internet and eCommerce.
The sales do not only reflect China’s love of eCommerce but also show how powerful the internet is and by using this medium, by engaging people from all over the world, you can score amazing records.
Who is Alibaba?
Founded on 4 April 1999 in Hangzhou, Zhejiang, China, Alibaba provides consumer-to-consumer (C2C), business-to-consumer (B2C), and business-to-business (B2B) sales services on the internet through different websites. Alibaba is the world’s largest retailer and e-commerce company.
On 4 April 1999, Jack Ma and his team of 17 friends and students founded Alibaba.com, a China-based B2B marketplace site. Alibaba received an initial funding/investment of around US$25 million from Goldman Sachs and SoftBank.
How Did It All Start?
This year, Alibaba Singles’ Day sales hit $23 billion in the first nine hours. In 2017, Alibaba smashed a Singles’ Day record as sales crossed $25 billion and the last year, 2018, the company’s Singles’ Day sales were $31 Billion.
Jack Ma while giving a speech to his friends in 1999, convinced them to take advantage of the internet — they’ll be the first Chinese company to make an impact on the internet by empowering people and enabling them to do business online.
Jack, in one of his interviews, said that initially, we purchased whatever product consumers put on the Alibaba website and our warehouse was filled with loads of garbage which was useless. The company only bought the products to give people a sense of empowerment and build confidence in Alibaba’s business model and then the word of mouth advertisement helped the company to expand its customer base.
Look at the power of the internet. The guy who started in his last 30’s retired at the age of 55.
Jack’s early life was full of struggles and disappointments. He wanted to go to Harvard University but could not make it. He applied for KFC as a waiter, failed and the list does not stop here. He even tried for the job of a teacher and was rejected there too.
What Does Alibaba Singles’ Day Record Tell Us?
Jack believes life throws tantrums, don’t give up because if you do not give up, you have a chance.
The Internet is still very new and holds a lot of opportunities for everybody. The world’s top 50 companies are technology-specific and the majority of the world’s top richest people today are tech industry giants.
The Singles’ Day record gives us a lot of lessons. It tells us:
- Never give up on yourself, even when you are struggling.
- Team up with people you trust and who believe in your vision.
- Use the power of the internet to establish a business.
- Empower people. You grow by empowering people.
- Create events. Singles’ Day, 11/11 event throws away massive discount deals and people love low prices.
- Build confidence and reputation with your customers
- After-sale service is very important
- Make partnerships with affiliate partners who can help in selling products on website and earn commissions.
Most importantly, leverage the use of the internet. The world will be further connected online. When 5G is introduced all over the globe, the internet speed will just go faster. This will enable more people to stay connected and businesses a chance to reach out to more potential customers.
Get on the internet, create a business and start selling.