Thursday , August 5 2021

Consumption: China celebrates "Singles Day" – and online retailers are doing record sales – Business – Current economic and financial news



Nine years ago, online retailer Alibaba Singles' Day invented. Customers are placing orders like world champions. The company also uses customer information.

At the throat of Chinese shopping: On November 11, the country's most important consumer day, online retailers once again achieved record sales. Consumers on Sunday evening only ordered about 30 billion euros from online retailer Alibaba. Once again, last year's sales exceeded one third. For economists, there is a sign that the Chinese economy is still in good condition. And the founder of Alibaba, who is already a multi-billionaire, has grown even richer.

For the company 11.11. In the meantime, a celebration of gathering information about customers. "Alibaba is the first and most leading data-driven company, not an online retailer," reads the self-description. Founder Jack Ma, "We will soon remove the term" e-commerce "from our glossary, whether it's online or offline, pure trading is an" old concept. " The company wants to focus on it.

"Singles Day": sales up 3800 percent

No day in the year is no longer producing up to 11.11 consumer data for the company. The story of the Day of Singles began with the idea that Jack Ma served the people of marketing. For the first time in 2009, many of the commercial websites in history offered for singles on the day. At that time, websites like Taobao.com and Tmall.com sold almost eight million euros worth of goods. In just ten years, sales have increased by 3800 times since then. Dealers in the platforms will open a billion packages in the next few days.

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Hundreds of thousands order in "Singles Day" per second

Alibaba's computers received hundreds of thousands of orders per second during the peak hours of the market. Meanwhile, citizens of the country filled their virtual shopping carts with enthusiasm: the larger the order value, the higher the discount. With spectacular results. The turnover of 30 billion euros per day corresponds to online retail revenues generated in Germany in about half a year. It reaches Panama's annual gross domestic product.

Alibaba is interested in using the collected customer information to the maximum extent. In China, you usually have little privacy concerns. And citizens tend to trust their online services throughout the rest of their lives.

About China's consumers, there is almost no question that Alibaba cannot answer. Even in the real world, Alibaba collects consumer data collectively: patrolling cameras in more and more participating stores. The computer identifies Alibaba customers with a face recognition profile image. Products that people stop or take longer, add the system to the electronic file as potentially interesting. Meanwhile, the software in the background is becoming increasingly complex. It presents the visitors of the platform with the almost uncanny precision ideas of the products they want to have.

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