Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
Powered by cricketnext logo
News18 » Business
1-min read

E-commerce Giant Alibaba Says Singles' Day Sales Hit 91.2 Billion Yuan in First Hour

Singles' Day has been promoted as a shopping fest by Alibaba Chairman and Chief Executive Daniel Zhang since 2009, growing rapidly to become the world's biggest online sales event.

Reuters

Updated:November 10, 2019, 11:04 PM IST
facebookTwitter Pocket whatsapp
E-commerce Giant Alibaba Says Singles' Day Sales Hit 91.2 Billion Yuan in First Hour
Representational image. (Image source: Reuters)

Shanghai: Chinese e-commerce giant Alibaba Group Holding Inc said on Monday that sales for its annual Singles' Day shopping blitz hit 91.2 billion yuan (10.18 billion pounds) within the first hour, up 32% from last year's early haul of 69 billion yuan.

Akin to Black Friday and Cyber Monday in the United States, Singles' Day has been promoted as a shopping fest by Alibaba Chairman and Chief Executive Daniel Zhang since 2009, growing rapidly to become the world's biggest online sales event.

Also known as "Double Eleven", the festival's name originates from the calendar date 11/11, with the four ones referencing being single.

Alibaba saw sales worth $30 billion on its platforms on Singles' Day last year, dwarfing $7.9 billion U.S. online sales for Cyber Monday. Yet the 27% sales growth was the lowest in the event's 10-year history, spurring a search for fresh ideas.

The $486 billion Chinese retail juggernaut kicked off this year's 24-hour shopping fest with performances by American pop star Taylor Swift and local celebrities like Jackson Yee.

This is the first time Alibaba's Singles' Day does not have flamboyant co-founder Jack Ma at its helm, after he resigned in September as chairman.

It also comes at a crucial time for the company, which is looking to raise up to $15 billion via a share sale in Hong Kong this month.

Alibaba continues to dominate the online shopping industry, but not without competition.

In addition to longtime rival JD.com , it now faces competition from upstart Pinduoduo, which surged in popularity in 2017 by targeting consumers in China's lower-tier cities.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

facebookTwitter Pocket whatsapp
Most Active
Company Price Change %Gain
ICICI Bank 498.65 2.66
Yes Bank 68.75 0.81
SBI 306.00 -0.26
Reliance 1,462.75 -0.65
Indiabulls Hsg 211.35 -3.16
Company Price Change %Gain
Narayana Hruda 304.85 1.08
Cipla 451.50 0.73
Yes Bank 68.75 0.73
Indiabulls Hsg 211.20 -3.25
Cholamandalam 309.15 3.99
Top Gainers
Company Price Change %Gain
ICICI Bank 498.65 2.66
IOC 136.85 2.24
Infosys 705.30 2.02
Bajaj Finance 4,210.55 1.59
HDFC Bank 1,273.90 1.30
Company Price Change %Gain
ICICI Bank 498.75 2.67
Infosys 705.35 2.04
Bajaj Finance 4,211.95 1.65
Maruti Suzuki 7,247.10 1.28
HDFC Bank 1,273.70 1.25
Top Losers
Company Price Change %Gain
Bharti Infratel 208.65 -4.38
Vedanta 144.00 -2.96
Zee Entertain 282.00 -2.94
IndusInd Bank 1,375.10 -2.76
UltraTechCement 4,003.40 -2.73
Company Price Change %Gain
Vedanta 143.95 -2.90
IndusInd Bank 1,374.40 -2.79
Coal India 202.25 -2.39
Tata Motors 167.00 -2.11
Bharti Airtel 362.65 -1.59

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results