Shanghai, (UrduPoint / Pakistan Point News - 12th Nov, 2021 ) :Chinese ecommerce titan Alibaba enjoyed record sales during its Singles Day shopping extravaganza, giving a much-needed boost to the firm after a torrid year in which it became the symbol of a government crackdown that hammered the country's tech sector.
The firm said 540.3 billion Yuan ($84.5 billion) was spent as China's army of consumers went on a splurge, despite a much lower-key sales campaign following pressure from the government to tone down the aggressive promotions and rampant consumerism.
Combined sales with industry rival JD.com came in at 889 billion yuan ($139.4 billion) -- equivalent to the GDP of many countries -- which was also a record and up about a fifth from last year.
Both Alibaba and JD.com reported strong sales of items such as electric appliances, electronics, pet supplies, and cosmetics and other personal-care goods.
JD.com share rose more than four percent in Hong Kong on Friday, though Alibaba was down more than one percent.
"Single's Day" -- so-called for the 11.11 date -- began more than a decade ago and for years was a one-day, 24-hour event on November 11.
But industry players expanded it recently into an extended promotion from November 1-11, with many retailers and platforms offering discounts and pre-sales even earlier.
The shopping fest now dwarfs the US "Black Friday" spree and has become a barometer of consumer sentiment in the world's second-largest economy.
Concerned that...
Read Full Story: https://www.urdupoint.com/en/miscellaneous/alibaba-jd-enjoy-record-singles-day-despite-1399087.html
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
