Chinese retailer Alibaba Group Holding Ltd’s sales for its 24-hour Singles’ Day shopping blitz hit a record $38.4 billion, more than U.S. rival Amazon.com Inc’s haul last quarter from online store sales.
Alibaba Group Holding on Monday said sales for its annual Singles’ Day shopping blitz hit 158.31 billion yuan ($22.63 billion) in its first nine hours, up 25% from 126.72 billion yuan at the same point last year.
A new study from Quantum Metric has revealed that shoppers have high expectations for e-tailers on Black Friday, and are more than willing to take their money to a site’s competitors if their experience is too slow.
As yet another record Prime Day draws to a close, with over 175 million products purchased by Amazon shoppers in 18 countries over 48 hours, beauty has proved to be one of the most popular product categories this year.
E-commerce giant Alibaba Group's quarterly revenue grew at its weakest pace since 2016, as the impact of a slowing Chinese economy and a crippling Sino-U.S. trade war kept buyers away during its top sale season.