E-Commerce Revenue Skyrockets as Alibaba Launches Singles' Day Direct Sales for Top Brands

Tuesday, 22 October 2024, 11:30

E-commerce sales have surged as Alibaba kicks off Singles' Day with record demand for Apple and Lululemon products. The event signals a recovery in consumer spending within China, highlighted by substantial early sales figures. Consumers are increasingly turning to platforms like Taobao and Tmall for major brands.
Scmp
E-Commerce Revenue Skyrockets as Alibaba Launches Singles' Day Direct Sales for Top Brands

Revolutionizing E-Commerce on Singles' Day

E-commerce powerhouse Alibaba Group Holding commenced its anticipated Singles' Day direct sales on Monday, witnessing overwhelming demand for flagship products from major brands such as Apple and Lululemon Athletica. This year's event is proving pivotal, demonstrating a revival in consumer spending across China, the world's second-largest economy.

Record-Breaking Sales Data

  • In under five minutes, Apple generated over 1 billion yuan (approximately US$140 million) in purchases, attributed to significant iPhone 16 discounts.
  • The Taobao and Tmall Group (TTG) noted that twelve premier sports brands—including Lululemon, Nike, Adidas, and The North Face—each surpassed 100 million yuan in sales within the first hour.
  • Beyond Apple, other leading electronics brands, such as Huawei Technologies, Xiaomi, and Vivo, achieved milestone sales as well.

Impact of Economic-Stimulus Measures

The enthusiastic kickoff sets a positive tone for Chinese consumer spending, especially following recent economic-stimulus measures introduced by Beijing. With total social retail sales rising by 3.2% in September, Alibaba's promotional efforts signal a healthy recovery.

Continued Growth of E-Commerce

Platforms like JD.com have reported considerable upticks in clothing and sportswear sales. The long-running event, recognized globally as 11.11, initially founded by Alibaba in 2009, has expanded into a massive retail festival that spans several weeks.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


Related posts


Newsletter

Get the most reliable and up-to-date financial news with our curated selections. Subscribe to our newsletter for convenient access and enhance your analytical work effortlessly.

Subscribe