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Posts from November 9, 2014

Alibaba to smash Singles’ Day sales record

by M

Jack Ma and Alibaba again (sigh!)  Alibaba to smash Singles’ Day sales record Alibaba’s Singles’ Day sales are expected to break a record this year, driven by China’s burgeoning Internet population and a growing number of participating retailers, analysts say. Held on Nov. 11, Singles’ Day—also known as 11/11—was created by young Chinese to celebrate or lament being single, but it has evolved into the biggest 24-hour online shopping event in the world. Last year, Alibaba booked $5.8 billion in transactions on the day, more than double the $1.7 billion sold on the Cyber Monday—the biggest online sales day for the U.S.that falls on the first Monday after Thanksgiving. This year, Alibaba’s sales are expected somewhere in the range of 50 billion yuan ($8.17 billion), a 40 percent increase from last year, according to Ben Cavender, principal at China Market Research Group. “I think we will probably see stronger overall…

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