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October 21, 2020

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Singles Day set to drive up digital firms’ sales

E-commerce players view Singles Day as a crucial driver of continued revitalization of consumption and an economic rebound.

Digital giant Alibaba said a new sales window will be added on November 1-3 ahead of the main event on November 11.

JD vowed more than 200 million goods at a 50 percent discount along with 300 million new products during the 21-day festival period.

Alibaba boasts more than 2 million new products, double last year’s amount.

“We are more committed than ever to empower businesses to capture opportunities and growth through new ideas and initiatives in this year full of challenges,” said Jiang Fan, president of Taobao and Tmall.

Alibaba said some 400 company executives and 300 celebrities will join top livestreamers to promote cosmetics, electronics, cars and even houses.

Pre-sale events began at midnight yesterday but there have been complaints about the complexity of rules for discounts.

“I feel bombarded with discount info and it’s not necessarily the best deal to participate in the pre-sale event and to wait a few more weeks for delivery,” said Crystal Zhou, a woman in her early 30s.

Overseas brands

Alibaba’s local services unit Ele.me will partner with 2 million local service providers offering special promotions in more than 100 cities during the weeklong event.

Tmall Global will bring more than 2,600 new overseas brands to China for the first time, while kaola.com will join for the first time to feature products from 89 countries.

E-commerce sites say the prolonged lead-in period that began at the end of October would give consumers more time to choose their desired products.

They have also turned toward entertainment formats such as countdown galas and livestreaming shows.

Alibaba’s livestreaming gala will be aired on October 31 on Hunan TV and Youku with a separate show combining flash sales and performances set to be aired on November 10 night.

E-commerce spending on fast moving consumer goods continued to show a strong momentum in the third quarter with spending value soaring by 41 percent compared to last year, according to Kantar Worldpanel.

Online spending accounted for nearly 26 percent of total FMCG spending in China.




 

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