The US-China trade war will not derail the rise of China's middle-class consumers, who are estimated to double to 600 million in the next 10 to 15 years and will power a long-term upgrading of consumption spending, said Alibaba Group executive vice-chairman Joe Tsai. And Alibaba hopes it will make all the difference on this year's Singles Day ー and for Alibaba's future.
Singles' Day is the world's biggest online sales event and a year ago netted Alibaba 168 billion yuan ($24.15 billion) in total sales.
Hong Kong: As Jack Ma prepares to step down as chairman of Alibaba Group Holding Ltd, he does so after the online sales promotion he has championed for a decade notched another record. With a cooling economy, saturated markets and competition from smaller platforms such as JD.com and Pinduoduo, Alibaba is seeking new growth engines. It has become the largest offline and online shopping day in the world.
"Singles Day is different now - it has more tricks than before", she said. The event began as a protest of sorts against Valentine's Day, propelled by college students in the 1990s. The date was chosen because 11-11 resembles four "bare sticks", a Chinese term for bachelor. Current chief executive Daniel Zhang will take over as chairman next year, the company said in September.
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Beyond Congress, the U.S. public has also expressed deep concern about the chaos within the Department of Justice. Whitaker himself stayed out of the public debate Friday.
The occasion also has big environmental implications.
While sales growth remains steady, Alibaba's stock has dropped 16 percent this year amid economic uncertainties linked to brewing trade tensions between China and the United States. Chinese online retail sales growth slowed to 24 percent in the third quarter, down 12 percentage points from the previous three months, according to the National Bureau of Statistics.
What is Alibaba's Singles' Day sale? . Global expansion will be a key plank of Zhang's effort to keep breaking records. Wrong. Singles' Day dwarfs Black Friday and Cyber Monday combined. Popular items purchased overseas included mobile phones, wool coats and knitted sweaters. Overall, shoppers spent more than 12 billion euros in the holiday's first two hours.
At the same time, Alibaba's efforts to push into the USA are sputtering. President Donald Trump said in mid-October he plans to withdraw the USA from a 192-nation treaty that gives Chinese companies discounted shipping rates for small packages sent to American consumers, making it harder for Chinese merchants to push into the market. But in its relentless ambition, Alibaba may be Amazon's only global equal. "No. 1 China is not as bad as people think, No. 2 Alibaba has some unique aspects, we're really riding that cyclical trend, and when you talk about digitizing the economy, Alibaba is uniquely positioned with technology and knowhow".