Alibaba’s Singles Day Sales Exceed $84B

Chinese eCommerce giant Alibaba raked in more than $84 billion in sales during its 13th annual Singles Day event.

This year’s event attracted significant participation from younger consumers, 45 percent of whom were younger millennial and Gen Z consumers born in the ’90s and ’00s. It was particularly popular among shoppers born in the 2000s as their participation increased by 25 percent compared to last year.

The event was attended by some 290,000 brands, nearly two-thirds of whom were small and medium-sized businesses, manufacturers from industrial belts, as well as new brands.

During this year’s event, Alibaba focused on promoting eco-friendly products and sustainability-focused practices. However, only 2,000 merchants offered products that carried the Green Product Certification. Earlier this year, the company also announced a new package recycling program through a partnership with the Cainiao Network, which has raised questions over the company’s interest in seriously supporting Beijing’s environmental goals. After all, the Singles Day event leads to overconsumption and high amounts of waste, which deems efforts such as the launch of the new recycling program ineffective.

“This 11.11 Global Shopping Festival, we delivered steady and quality growth that is a reflection of the dynamic Chinese consumption economy. We also leveraged the power of 11.11 as a platform to fulfill our social responsibility,” Yang Guang, vice president at Alibaba Group, said in a statement. “This year’s festival was a meaningful milestone as part of our commitment towards building a sustainable future.”

Jack Ma Sells $8.2 Billion In Alibaba Shares

Originally published at https://retailbum.com on November 16, 2021.

Retail News and Analysis

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Retail News and Analysis

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