Money Singles' Day: Alibaba takes £2bn in minutes

18:24  12 november  2017
18:24  12 november  2017 Source:   Sky News

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The headline sales number is likely to top last year's total of 113bn yuan (£13bn), an increase of nearly a third from 2015. (c) Sky News 2017: China sales: Alibaba takes £ 2 bn in minutes on Singles ' Day .

Chinese online shopping giant Alibaba says it took in nearly 20bn yuan (£2.1 bn ) in sales in a matter of minutes at the opening of its Singles ' Day annual discount sale extravaganza.

A screen shows the value of goods being sold at Alibaba Group's Singles' Day global shopping festival © Reuters A screen shows the value of goods being sold at Alibaba Group's Singles' Day global shopping festival

Chinese online shopping giant Alibaba says it took in nearly 20bn yuan (£2.1bn) in sales in a matter of minutes at the opening of its Singles' Day annual discount sale extravaganza.

The event, originally a celebration of China's lonely hearts, has become the world's biggest online shopping spree, with takings beat those of its US equivalents, Black Friday and Cyber Monday, combined.

Alibaba said gross merchandise volume (GMV) exceeded 10bn yuan (£1bn) in a little over three minutes and the total had reached 19.1bn yuan in under six minutes - more than the entire day's sales in 2012.

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No thanks I'll take my chances click here to view eNCA.com in this browser. BEIJING, China - Chinese online shoppers spent a record billion on this year's " Singles Day " promotion run by e-commerce giant Alibaba , up nearly Data delayed by at least 15 minutes . ICE Brent Crude. $ 63.67.

Making use of this occasion, Alibaba conducts a massive Singles Day sales event and the company seems to be breaking all its previous sales records. This is way faster than last year where the company took an hour to generate sales of .8bn. Its sales hit the .7bn-mark, 74 minutes into the

Nicole Kidman and Pharrell Williams were among the stars who helped get the eighth Singles' Day off to a glittering start.

Jack Ma, Chairman of Alibaba Group, and Nicole Kidman at the countdown to opening in Shanghai © Reuters Jack Ma, Chairman of Alibaba Group, and Nicole Kidman at the countdown to opening in Shanghai

The actress and the singer joined co-founder and chairman Jack Ma and Chinese musicians and film stars such as Zhang Ziyi and Fan Bingbing in Shanghai to count down to the start at midnight on Friday.

Last year it was David and Victoria Beckham and Kobe Bryant.

As soon as the virtual doors opened, shoppers rushed in to fill up their carts with bargains.

Pharrell Williams performs with Hong Kong singer Karen Mok © Reuters Pharrell Williams performs with Hong Kong singer Karen Mok

One online retailer is offering a lifetime supply of baijiu liquor for a single payment of 11,111 yuan (£1,275).

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Alibaba to double turnover to over 0bn by 2020. Singles ’ Day has become a barometer of Chinese consumer sentiment. Last year it took more than 12 minutes for Alibaba to hit sales of 10 billion yuan.

Last year shoppers spent .3 bn in one day . This year, Singles Day has eclipsed that amount by bn ! This year, within the first eight minutes of opening its proverbial doors, Alibaba had sold more than billion in merchandise.

The price is a reference to 11.11, the first name given to the day, meant to represent both the date (11 November) and the single people doing the shopping.

An estimated 1.5 billion parcels will need to be delivered over the next week.

The sale is seen as a barometer of Chinese consumer confidence and is closely watched by analysts and investors.

The headline sales number is likely to top last year's total of 113bn yuan (£13bn), an increase of nearly a third from 2015.

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Source: http://uk.pressfrom.com/news/money/-223869-singles-day-alibaba-takes-2bn-in-minutes/

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