In a program, CNBC’s David Faber reported that Alibaba Group Holding Ltd (NYSE:BABA) is expected to break sales record in the “Single’s Day”. Single’s day is celebrated on November 11. It is a symbolic day for singles on which people send gifts to others who are single. Last year, Alibaba Group Holding Ltd (NYSE:BABA) recorded sales of no less than $5.8 million. This is more than double the sales that are recorded in the US on Cyber Monday. According to Ben Cavender, principal at China Market Research Group, there will be an increase of 40% in the Single’s Day sales this year. He said that food products, baby formulas and home electronics devices will be the hot products this year.
Faber said that there are massive discounts available on Taobao and other merchant outlets on the Single’s Day.
Alibaba Group Holding Ltd (NYSE:BABA) started advertisement of Single’s Day in early October. The company rolls out many products and devices on depleted rates. Single’s Day is also known as 11/11. Students take full advantage of this day. According to Barclays. Alibaba Group Holding Ltd (NYSE:BABA) is expected to deliver more than 500 million packages this year. This is a 50% increase as compared to the last year.
Alibaba Group Holding Ltd (NYSE:BABA) is not limiting itself to local Chinese sales this year. It has partnered with Tmall Global and AliExpress merchants in order to ensure that packages are delivered outside China in the allocated time. The company is already performing excellent in the US after its IPO. Consumers in more than 220 countries including Brazil. Russia, UK can order and get free deliveries. Alibaba Group Holding Ltd (NYSE:BABA) is expanding its partnership beyond the borders to get increase sales.