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Alibaba goes international to hit new Singles’ Day record

Nov 9, 2018 by The Passage Team
Alibaba goes international to hit new Singles’ Day record

Alibaba Group Holding Ltd. will include sales from Lazada, the online shopping mall it controls, to turn its annual Singles’ Day shopping celebration into a global phenomenon. The Southeast Asia’ biggest web retailer is a big part of the Chinese tech giant’s plan to fuel growth.

The retail celebration on November 11 has become a breakthrough event not just for the company, but also the world’s No. 2 economy. Alibaba CEO Daniel Zhang reveals Alibaba’s ambition in showcasing its capabilities across all its platforms through the Single’s Day celebration.

Alibaba has achieved a 39% jump in sales last year to CNY 168 billion (USD 24.2 billion). However, the slowing economy and rising competitors like and Pinduduo.Inc are putting some uncertainty in the retailer’s shopfest performance.

Source: Bloomberg

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The Passage is committed to creating in-depth content over technology industry across Asia with a focus on emerging startups in the technology, healthcare, education, food, tech, travel & mobility segments.

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