E-commerce Company Alibaba Group Holding Ltd (NYSE:BABA) is on the verge of breaking the already astonishing sales record for its annual Singles Day event.
Giant firms, sales had hit 82.4 billion Yuan or $12.1 billion. Last year’s record was $14.3 billion.
However critics have argued the precision of the numbers, amid claims of exaggerated sales data at online stores across China.
Meanwhile businesses passing off forged items as genuine is also an industry problem.
Furthermore Alibaba Group Holding (NYSE:BABA)said close to 85% of sales had been made on mobile phones during Singles Day.
Also the firm has been testing with new technology comprising augmented reality and virtual reality to provide shoppers other ways of purchasing items.
This one day event kicked off with a searing start with sales reaching the figure of $5 billion in the first hour, Alibaba said, though that total comprised pre-orders completed by customers who could “lock in” prices. Last year It took hour n half to triumph that landmark.
This 24 hour event is celebrated every year on 11 November. The day is also duubed as Double Eleven because of its date. In the beginning appealed as a mere festivity for China’s young singletons, Alibaba turned it into a shopping windfall in 2009.
There is no doubt that Alibaba is a main figure behind the event, other retailers have also stared to attached themselves the idea, including extending the concept to Hong Kong and Taiwan.
Fanatical shoppers have been plaintive for years that they should stop their “unstoppable hands” because they finish up order far more than they truly want. But that doesn’t seem changing this year as well.
Furthermore Alibaba Group Holding (BABA) direct competitor JD.com, which emphases more on electronics, announced to receive more orders in the first nine hours of trading on Friday than it had done during the whole of Singles Day 2014.