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November 11, 2020 02:48 pm
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/At4CcmZsBPI/alibaba-boasts-over-70-billion-sales-as-first-post-virus-singles-day-nears-end
Alibaba Boasts Over $70 Billion Sales as First Post-Virus Singles' Day Nears End
China's Alibaba said orders on its e-commerce platforms during the Singles' Day shopping extravaganza had exceeded $70 billion by Wednesday evening, as lockdown-weary consumers splashed out on as many as 16 million discounted goods. From a report: The world's biggest sales event -- eclipsing Black Friday and Cyber Monday in the United States -- spans four main days this year, and so far has brought sellers 20 times as many orders by value than Amazon.com's two-day global Prime Day last month. Such is its size that its performance is widely considered indicative of China's post-virus economic recovery. "Because of COVID-19, many Chinese cannot go overseas," Vice President Liu Bo told reporters. "This actually stimulates online consumption." So far, the performance is likely a relief for Alibaba Group Holding after losing about 10% of its market value last week when regulators scuppered the listing of fintech affiliate Ant Group.Read more of this story at Slashdot.
Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/At4CcmZsBPI/alibaba-boasts-over-70-billion-sales-as-first-post-virus-singles-day-nears-end
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