According to data released by the Chinese online retailer Alibaba for in relation to its Single’s Day shopping festival, brands such as L'Oreal and Nestle stood out to be the biggest winners as Chinese consumers showed acute interest in purchasing food supplements, facial masks and baby milk powder during the largest shopping festival of the world.
Record revenue from sale of to the tune of 268.4 billion yuan or $38.38 billion was mopped up by Alibaba during the Chinese e-commerce giant's annual Singles' Day shopping spree yesterday. The total revenues generated from the Chinese sale on Single’s Day was more than six times the revenue that was generated last year during the online sales made in the United States on Black Friday.
A live performance by US pop star Taylor Swift started the largest shopping festival of the world which was limited to a 24-hour period, and its was followed up by the marketing messages by more than 1,000 brands through live streaming on the online platform.
According to information released by Alibaba, the 100 million yuan mark in sale for gross merchandise value was crossed by 299 brands yesterday and the list included global and domestic Chinese brands such as the Chiense smartphone brand Huawei Technologies and US firm Apple, as well as LVMH's Givenchy, home appliance makers Dyson and Philips and sportswear makers Nike and Under Armour.
The data from the e-commerce company also showed that the most popular import products were form the food supplements segment while very strong demand was also seen in the sales of makeup, nappies and face wash.
However compared to last year, the growth in sale during the annual event was lower than that of last year at a growth rate of 26 per cent and was the lowest since the event was first initiated by Alibaba in 2009. According to economists, this was a clear reflection of the slowing down of e-commerce sale in the Chinese market in recent times.
However despite the slowing growth rate, analysts said the growth rate was slightly more than what the market had been expecting it to be. Analysts attributed a number of factors that helped Alibaba to surpass their expectations in terms of revenue growth year on year which included some very aggressive promotional campaigns conducted by the e-commerce giant that had a complete focus on drawing in more new customers into the shopping festival especially form the rural areas of the country. Analysts also said that the slowness of the Chinese economy was also a factor in the revenue growth because more people scrambled to purchase products that were being given away at high discount rates during the one day online shopping festival.
While Daiwa Capital Markets had an estimate of 23 per cent growth in revenues this year, Citic Securities had predicted a growth of between 20 and 25 per cent.
(Source:www.rte.ie.com)
Record revenue from sale of to the tune of 268.4 billion yuan or $38.38 billion was mopped up by Alibaba during the Chinese e-commerce giant's annual Singles' Day shopping spree yesterday. The total revenues generated from the Chinese sale on Single’s Day was more than six times the revenue that was generated last year during the online sales made in the United States on Black Friday.
A live performance by US pop star Taylor Swift started the largest shopping festival of the world which was limited to a 24-hour period, and its was followed up by the marketing messages by more than 1,000 brands through live streaming on the online platform.
According to information released by Alibaba, the 100 million yuan mark in sale for gross merchandise value was crossed by 299 brands yesterday and the list included global and domestic Chinese brands such as the Chiense smartphone brand Huawei Technologies and US firm Apple, as well as LVMH's Givenchy, home appliance makers Dyson and Philips and sportswear makers Nike and Under Armour.
The data from the e-commerce company also showed that the most popular import products were form the food supplements segment while very strong demand was also seen in the sales of makeup, nappies and face wash.
However compared to last year, the growth in sale during the annual event was lower than that of last year at a growth rate of 26 per cent and was the lowest since the event was first initiated by Alibaba in 2009. According to economists, this was a clear reflection of the slowing down of e-commerce sale in the Chinese market in recent times.
However despite the slowing growth rate, analysts said the growth rate was slightly more than what the market had been expecting it to be. Analysts attributed a number of factors that helped Alibaba to surpass their expectations in terms of revenue growth year on year which included some very aggressive promotional campaigns conducted by the e-commerce giant that had a complete focus on drawing in more new customers into the shopping festival especially form the rural areas of the country. Analysts also said that the slowness of the Chinese economy was also a factor in the revenue growth because more people scrambled to purchase products that were being given away at high discount rates during the one day online shopping festival.
While Daiwa Capital Markets had an estimate of 23 per cent growth in revenues this year, Citic Securities had predicted a growth of between 20 and 25 per cent.
(Source:www.rte.ie.com)
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