Greetings. Hope I still have some readers after the last entry. I’m a bit of a marmite character if I’m honest. Love me or hate me, I don’t care.
Anyway, onto my next entry. If anyone has been reading any kind of business news over the past few days, or any news at all it is likely you will have read about Alibaba. Alibaba (in case you don’t know) is a huge Chinese ecommerce company, and they have set a ridiculous record for online spending. On ‘Singles Day’ (like an online version of Black Friday here in the UK), 11th November 2015, the online mega-company racked up sales of nearly £10bn. Yes TEN BILLION. In the American equivalent, Cyber Monday, the whole of the USA did not reach £1bn. The record was an increase of 60% from 2014.
Of course China has a far bigger population but not to those proportions. Alibaba made more in one day than Toys R Us makes in one year. The company had more than an 80% share of China’s market that day. There were an estimated 120,000 orders every single minute on Alibaba. WOW. There were a reported twenty seven million orders from mobile devices within the first hour.
There is a big problem however with the Chinese economy and most consumers in China know that the economy is decelerating. It has been the norm in the last few years that most people wait until the 11th November before they spend their money.
That’s it for this time.