A record sale of CNY 120.7 billion is held on the occasion of Singles’ Day it is around Rs. 119778 crores in India. All this happened on last Friday, slow growth is noticed on the gala shopping day when deeper discounts and lower price tags are searched by the Chinese shoppers.
It will take less than 5 minutes when shopping of a billion happens. Shoppers broke the record of last year’s total in just nine hours of the day-long shopping gala to spare. The total amount is raised by 32%, but the graph of growth is significantly lower than the past years. A reflection of more cautious shoppers who opted to spend less money on each purchase than in previous years is visible. This event happens in November every year. Chairman of Alibaba Jack Ma, who spoke during the day take this event to another level.
"(Singles' Day) is not about a number only," said Ma, adding that the gross merchandise value (GMV) metric was "misleading" because it undervalued the company's wider ecosystem.
"When volumes started to grow a little less fast I actually became more relaxed," said Ma, citing the challenge of handling such a large number of orders. "We don't want to collapse the entire logistics system."
"Someone has to remove their licenses, someone has to close them down," said Ma, adding that Alibaba itself was "not law enforcement". There are also several another retailer who is the part of this massive sale with Alibaba. China's no. 2 e-commerce player, JD.com Inc, and many others also offer discount deals on the day.
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