{"id":32610,"date":"2016-11-11T10:48:45","date_gmt":"2016-11-11T10:48:45","guid":{"rendered":"http:\/\/greattelangaana.com\/english\/?p=32610"},"modified":"2016-11-11T10:48:45","modified_gmt":"2016-11-11T10:48:45","slug":"alibaba-makes-1-billion-in-5-minutes","status":"publish","type":"post","link":"https:\/\/greattelangaana.com\/english\/alibaba-makes-1-billion-in-5-minutes\/","title":{"rendered":"Alibaba makes $1 billion in 5 minutes"},"content":{"rendered":"

Chinese e-commerce giant Alibaba Group Holding Ltd said it racked up more than $5 billion (roughly Rs. 33,515 crores) in transactions in the first hour of its annual ‘Singles’ Day’ sales blitz on Friday – a third more than in the first hour of last year’s spree.<\/p>\n

The 24-hour event held annually on November 11 offers a benchmark for Alibaba’s performance and an insight into China’s swing to online shopping, especially via smartphones. Launched in 2009, Alibaba’s version of the event was designed to encourage consumers without a partner to treat themselves.<\/p>\n

\"Alibaba<\/p>\n

Always accompanied by celebrity razzmatazz – sports stars David Beckham and Kobe Bryant attended Alibaba’s countdown this year – Singles’ Day shifts more goods than Black Friday and Cyber Monday in the United States combined. Sales on Alibaba platforms, which include Tmall and Taobao, are tipped to exceed $20 billion (roughly Rs. 1,33,993 crores) this year, up from $14 billion (roughly Rs. 93,858 crores) last year.<\/p>\n

“Back in 2013, CNY 35 billion ($5.15 billion or roughly Rs. 34,523 crores) was our one-day GMV (gross merchandise volume),” said Chief Executive Officer Daniel Zhang in a live micro-blog posting on Alibaba’s event. “Now we can achieve it in one hour.”<\/p>\n

\"Alibaba<\/p>\n

Sales officially opened at midnight, releasing a wave of pre-orders that shoppers had placed ahead of the event and propelling the first billion dollars of transactions in just under 5 minutes, Alibaba said on its official microblog.<\/p>\n

Alibaba is not the only retailer to mark November 11 with a massive sales drive. China’s no. 2 e-commerce player – and bitter Alibaba rival – JD.com Inc and many others also offer discount deals on the day.<\/p>\n

The rise of Singles Day reflects how China’s consumers, armed with smartphones, are racing online to shop – to the detriment of bricks and mortar stores. Alibaba said on Friday 84 percent of sales in the first two hours were via mobile devices, up from last year.<\/p>\n","protected":false},"excerpt":{"rendered":"

Chinese e-commerce giant Alibaba Group Holding Ltd said it racked up more than $5 billion (roughly Rs. 33,515 crores) in transactions in the first hour of its annual ‘Singles’ Day’ sales blitz on Friday – a third more than in the first hour of last year’s spree. The 24-hour event held annually on November 11 […]<\/p>\n","protected":false},"author":2,"featured_media":32613,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2],"tags":[14213,14208,14211,14212,14207,14209,14218,14217,14215,14214,14216,14210,13588],"class_list":["post-32610","post","type-post","status-publish","format-standard","has-post-thumbnail","category-top-stories","tag-14-billion","tag-1-billion","tag-14211","tag-515-crores","tag-alibaba","tag-alibaba-group","tag-alibaba-transactions","tag-alibaba-com","tag-alibabas-event","tag-daniel-zhang","tag-jd-com","tag-singles-day","tag-smartphones"],"jetpack_featured_media_url":"https:\/\/greattelangaana.com\/english\/wp-content\/uploads\/2016\/11\/Untitled-1-copy-13.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/posts\/32610","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/comments?post=32610"}],"version-history":[{"count":0,"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/posts\/32610\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/media\/32613"}],"wp:attachment":[{"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/media?parent=32610"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/categories?post=32610"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/greattelangaana.com\/english\/wp-json\/wp\/v2\/tags?post=32610"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}