SHANGHAI: Chinese e-commerce giant Alibaba Group Holding on Sunday (November 11th) cut the record Sunday (November 11th) on the day of Singles Dai's sales, surpassing the sale of 168 billion yuan (24.15 billions of dollars) in less than sixteen hours.
Dan Singl, also called "Double 11", is the world's largest online sales event, which surpassed the American shopping holiday Black Friday.
The Chinese event was originally a newspaper student holiday that celebrated that it was alone, opposed the Valentine's Day, but since then it has grown into a one-month online shopping festival, which peaked on November 11 at 24 hours.
A non-rotational large number of sales was recorded in the first minutes of 24-hour spending, when transactions were recorded for items that were put on hold.
The company agreed with about 69 billion yuan (9.92 billion dollars) in the first hour of the day Singl on Sunday, which is about 21 percent compared to last year's 57 billion yuan growth. Products well-sold included smartphones and other electronics, but also staples such as powdered milk and diapers.
Although the company exceeded last year's sales just before the fourth afternoon, the rate was slower than last year, breaking the record from 2016, about four hours earlier at noon.
Analysts say that, despite continued strong growth, sales will likely be hit by economic winds and new competition from competitive sales.
"With an increasing number of promotional events annually, consumers no longer feel that Double 11 is the only opportunity to get good customers," said Pedro Iip, a partner at consulting firm Oliver Viman.
"With that in mind, there are more consumers who still enjoy shopping at a double level than those who do not work," he said.
Alibaba started this year with a gala event featuring American singer Mariah Carey, Japanese Beionce impersonator and performance by Cirque du Soleil.
It is expected that the final event will be in November this year with the founder and President Jack Ma at the helm. Now the current executive director Daniel Zhang will take over as president next year, the company announced in September.
Although sales growth remains stable, Alibaba fell 16 percent this year due to economic uncertainties associated with tense trade tensions between China and the United States.
Earlier this month, Alibaba revised a string of revenue forecasts all year round, sending colds through investors, as it was said to affect the sale of large-scale items. In order to compensate, the company will in the near future have less revenue from its platform in order to keep brands and new customers, she said.
This year, Alibaba said that about 180,000 brands took part in the Day Singl, and Sunday sales of $ 27 billion last Sunday.
(Reporting by Cate Cadell, Editing by Nick Macfie and Alekandra Hudson)