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Chinese e-commerce giant Alibaba Group has tallied more than US$1 billion in the first five minutes and US$5 billion in transactions in the first hour of its annual Singles Day sales blitz. That means China’s 2016 Singles Day shopping fest—aka Shuangshiyi or…
Alibaba Group says more than US$7 billion (RMB 47.5 billion) of gross merchandise volume (GMV) was settled through Alipay on Alibaba’s China and international retail marketplaces within the first two hours of the 2016 11.11 Global Shopping Festival. And more…
I recently got back from Engine’s Asia offices, where everyone was buzzing with excitement about this shopathon concept. This 24-hour shopping day is the Chinese equivalent of Cyber Monday. It started in 2009 by ecommerce giant Alibaba and has evolved into…
China Singles Day is an entertaining festival widespread among young Chinese people, to celebrate the fact that they are proud of being single. To celebrate these singletons like to shop, for some reason. Regardless of motive, the opportunities an event like…
Alibaba’s Singles’ Day – now dubbed 11.11.Global Shopping Festival – is set to expand into international territories for the first time this year. The online retail giant founded by Jack Ma plans to use the celebrations around the event and its catalogue of…
Legendary Los Angeles Laker Kobe Bryant will join Katy Perry as the headline celebrities in Alibaba’s 11.11 Countdown Gala Celebration on November 10. US pop-rock band OneRepublic has also been confirmed, likely to perform its hit song Counting Stars Alibaba…
Despite its already significant scale, Alibaba continues to grow rapidly, thanks in part to its acquisitions of Chinese video site Youku Tudou and e-commerce business Lazada. Much like Amazon, the e-marketplace’s success this quarter was tethered by strong…
Alibaba Group has started the clock on the Global Shopping Festival it will hold on November 11, which is known as Singles Day in the Chinese market where it dominates online shopping. The retailer, which trades through marketplace sites including Alibaba.com…
Going into this quarter the main concern for Alibaba was that a slowdown in Chinese economic growth would damage its performance. Fortunately, this has not materialised with very solid uplifts in its Chinese retail marketplace proposition underpinning a…
On top of seasonal sales and occasional promotions, major South Korean retailers have been holding a series of big discount events since summer to create an intense, promotion-heavy atmosphere through the Christmas season and beyond. The discount binge has…
While consumers reaped the rewards on Singles Day, at least one retail consultant is questioning the damage done by the US$14 billion 24-hour spendathon. “The clear winners are consumers, marketplaces and couriers and delivery companies,” explains Richard…
Celebrated every Nov. 11, Singles Day is a tradition that dates back to 1993 which initially involved bachelors from Nanjing University who would like to go out, meet, and party with others. The celebration soon included single women and became a huge holiday…
Singapore banks must now innovate in this challenging environment where economic growth is uncertain, and disruptive forces are now at play, said Prime Minister Lee Hsien Loong on Thursday. “Our banks are in a strong position,” said PM Lee at UOB’s 80th…
November 11 is a day of sombre reflection across much of the West, with Commonwealth nations observing Remembrance Day while Veterans’ Day is an official public holiday in the US. It’s a world away in China, though, where it’s Singles’ Day – an idea begun in…
Singles Day spending tomorrow will undoubtedly shatter last year’s record spend of US$9.3 billion, predicts KPMG. November 11 is known in China as Singles’ Day, an annual one day event which sees online retailers slash prices of products and China’s shoppers…
Worldpay processed on average over 9,000 transactions per minute globally during China Singles Day 2015 with transactions peaking at 1,111 transactions per second during the day’s busiest sales period. The number of transactions Worldpay processed on Singles…
