alibaba Group, the largest e -commerce company in China, said that it has achieved an annual basis during the sales of the singles day of the year, which ended at midnight on Saturday, while its rival JD.com announced that its sales volumes have recorded a record level.
Meanwhile, Senton Data provider estimates indicated that the total cumulative trade volume through major e -commerce platforms increased 2.08 percent to 1.14 trillion yuan (156.40 billion dollars) compared to a growth of 2.9 percent last year.
The Singles Day Festival was originally a 24 -hour shopping event held on November 11 of each year in China, before expanding weeks of promotional offers through the country’s main e -commerce platforms and in retail stores.
The expectations for the growth of the festival’s sales, which are seen as a measure of consumer confidence, were weak this year while the economy finds it difficult to maintain the recovery that was achieved after the Korona pandemic.
Last year, when China began abandoning the restrictions of Kovid-19, Alibaba, the largest electronic trade company in the Asian giant in terms of market share, did not reveal the value of its sales in the festival for the first time.
Once again this year, it was satisfied with saying that its sales of its T -Mall and Tobu trade were positive.
Discounts to enhance sales
Ali Baba pressed the merchants to reduce prices significantly on the day of singles this year. At the beginning of the festival in late October, she said it would provide 80 million products with the largest discount for this year.
Analysts said that this is an attempt to confront competitors such as Dwin and Bendado, affiliated with DD Holdings, have changed the scene of e -commerce in China in the past few years by selling less expensive products and deduction throughout the year.
As a result, discounts between 40 and 50 percent are more common than previous years.
A report by Payne & Companish, which was issued last week, concluded that 77 percent of 3,000 consumers surveyed their opinions planned to spend a lower amount or the same amount on the day of singles compared to last year.
Many consulting companies expected that the growth of cash sales through electronic platforms will return to the category of dozens for the first time since the pandemic, but the final sales image will take time to appear.
Cash sales numbers take into account the value of all the applications submitted, and that will not be returned later.
Analysts and executive officials in the industry expect that return rates will be high this year, as consumers buy more in order to obtain more discounts upon payment and then return the elements they do not need.
Ali Baba stated that bicycle sales jumped 300 percent during the first hour of sales.