Alibaba Breaks Records, Sells $17.7 Billion on Singles' Day (techinasia.com)

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Alibaba Breaks Records, Sells $17.7 Billion on Singles' Day (techinasia.com)

Posted by ryuzaki0 on Friday November 11, 2016 @05:18AM from the china-power dept.

Alibaba broke its Singles' Day sales record with room to spare, offering assurances about the strength of the Chinese consumer despite the nation's economic slowdown. From a report on Tech in Asia:As the clock struck midnight, Alibaba announced its final total for 2016's Singles Day sales frenzy: US$17.7 billion. Alibaba has beaten its own sales totals each year since the sales began, and this year was no different. It passed last year's US$14.3 billion high-water mark early in the evening, a sign that this year's growth wasn't going to be quite as explosive as previous years' (in 2015, Alibaba hit the previous year's mark at midday). In the end that proved true, as Alibaba fell just short of the US$20 billion target some had been expecting it to surpass. Still, nearly US$18 billion is nothing to sneeze at.

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Singles' Day by jdavidb · 2016-11-11 05:24 · Score: 1

And what is Singles' Day?

--
Secession is the right of all sentient beings.
1. Re:Singles' Day by Anonymous Coward · 2016-11-11 05:29 · Score: 0
  
  A day dedicated to singles like you and me, apparently.
2. Re:Singles' Day by Nidi62 · 2016-11-11 05:31 · Score: 5, Informative
  
  And what is Singles' Day?
  From what I understand it's kind of an anti-Valentines Day. Basically a day for urban singles to spend money on things for themselves. A lot of young people in China have moved to the cities so have a decent amount of money, but reduced availability of women looking to be in relationships (due to a combination of young people focusing on careers and a carryover form the One Child Policy) means a lot of people aren't in relationships. Basically it's a Chinese Hallmark (ie made up) holiday to celebrate being single by buying yourself crap instead of buying it for a boyfriend or girlfriend.
  
  --
  The only thing necessary for evil to triumph is for it to be pitted against a slightly greater evil
3. Re:Singles' Day by Anonymous Coward · 2016-11-11 05:50 · Score: 0
  
  For me, that's every day!
4. Re:Singles' Day by NatasRevol · 2016-11-11 06:51 · Score: 1
  
  Or Kraft Cheese.
  
  --
  There are two types of people in the world: Those who crave closure
5. Re:Singles' Day by AmiMoJo · 2016-11-11 08:01 · Score: 3, Interesting
  
  Does anyone know if they do White Day in China?
  In Japan you have Valentine's day, when women give gifts to men, and then a month later in March they have White Day when men give gifts to women.
  
  --
  const int one = 65536; (Silvermoon, Texture.cs)
  SJW, n: "Someone I don't like, and by the way I'm a fuckwit" - AC
6. Re:Singles' Day by SirSlud · 2016-11-11 08:05 · Score: 1
  
  The date 11/11 is like sticks, and there's basically a term for single guys in China like .. stick man or something similar.
  Source: my Taiwanese wife.
  
  --
  "Old man yells at systemd"
7. Re:Singles' Day by Anonymous Coward · 2016-11-11 08:40 · Score: 0
  
  Negan calls it Free Fuck Day in The Walking Dead.
8. Re:Singles' Day by Anonymous Coward · 2016-11-11 08:56 · Score: 0
  
  Sounds stupid. Single people can buy themselves crap whenever they want.
9. Re:Singles' Day by Anonymous Coward · 2016-11-11 09:13 · Score: 0
  
  FYI: In the U.S. it's known as Steak & BJ Day.
10. Re:Singles' Day by ShanghaiBill · 2016-11-11 09:48 · Score: 1
  
  A day dedicated to singles like you and me, apparently.
  Correct. And the best day to take care of number one is 11/11.
11. Re:Singles' Day by Anonymous Coward · 2016-11-11 13:57 · Score: 0
  
  Wiki says yes, and it's not unexpected, since both China and Japan are further down the list in patriarchy.
  Having two separate but equal days for each gender reinforces gender roles. Women are expected to give chocolates, reinforcing the idea women are supposed to know how to cook (read: be a housewife)
  Men don't have any particular item to give, but according to wiki there is an unwritten rule that the man's gift should cost more (which men can afford, because gender pay gap)
The takeaway by 93+Escort+Wagon · 2016-11-11 05:28 · Score: 4, Funny

Despite living in a country with over a billion people, there are apparently a lot of lonely Chinese.

--
#DeleteChrome
1. Re:The takeaway by Oswald+McWeany · 2016-11-11 06:39 · Score: 4, Interesting
  
  Sometimes the presence of others can make one lonelier. I never feel lonely when out camping, kayaking or hiking out by myself for days at a time but can feel a melancholy solitude and feel alone in a crowded city full of strangers..
  
  --
  "That's the way to do it" - Punch
2. Re:The takeaway by AmiMoJo · 2016-11-11 07:58 · Score: 1
  
  The "singles" bit refers to all the 1s in the date, not being single. A lot of this stuff was probably gifts, in fact. They sell a lot of clothes, jewellery, gadgets etc. People stock up for new year and, sickeningly, Christmas.
  
  --
  const int one = 65536; (Silvermoon, Texture.cs)
  SJW, n: "Someone I don't like, and by the way I'm a fuckwit" - AC
3. Re:The takeaway by tlhIngan · 2016-11-14 05:38 · Score: 1
  
  The "singles" bit refers to all the 1s in the date, not being single. A lot of this stuff was probably gifts, in fact. They sell a lot of clothes, jewellery, gadgets etc. People stock up for new year and, sickeningly, Christmas.
  No, it means single as in unattached. The "1"s bit in 11/11 just reinforces the "single" bit and that's why that (unfortunate) date was chosen. Given Alibaba made it up, that's their interpretation.
  Basically it's a day for the singles to celebrate, just like Valentine's day celebrates couples.
  Given China's distorted male-female population balance, there is a huge excess of males so they will likely always be single.
And half of that was shops buying from themselves by fubarrr · 2016-11-11 05:38 · Score: 5, Interesting

>Alibaba Breaks Records, Sells $17.7 Billion on Singles' Day
The trick is simple: Alibaba gives 11.11 participant stores discount ads through the year. As nobody is still buying anything from 90% of the stores, most stores are forced to hire people to buy from them and return goods afterwards just to get those discounted clicks. This is why US SEC is going after them claiming that they faked 2/3 of the digit last year and in 2014.
In fairness by s.petry · 2016-11-11 05:42 · Score: 3, Interesting

The one child policy led to a form of gender genocide. The disparity is as high as 1 woman for every 1.4 men in the major cities . Still today you have people killing female babies in mass numbers. Strangely Wiki claims this is a "birth imbalance" instead of what it really is. They also don't remove or mention the sex slaves from the numbers, so there is most certainly favorable Chinese bias in the page. Human rights groups can't investigate this either, so the numbers given are from the Government.

--
-The wise argue that there are few absolutes, the fool argues that there are no probabilities.
1. Re: In fairness by johnsmithperson123 · 2016-11-11 05:48 · Score: 2
  
  Which is really putting China in a bad place. They need a war soon, or else all the young men with nothing to do might take matters into their own hands.
2. Re:In fairness by HideyoshiJP · 2016-11-11 05:51 · Score: 1
  
  My buddy who is married to a Chinese girl and lives there says the one-child policy has ended. Even before, you could do it if you payed a "fine."
3. Re:In fairness by Anonymous Coward · 2016-11-11 05:54 · Score: 0
  
  the males are hardly spared in that form of population control since their lives are insignificantly longer if they can't reproduce
4. Re: In fairness by Anonymous Coward · 2016-11-11 05:56 · Score: 4, Funny
  
  yeah, hands.
5. Re:In fairness by Anonymous Coward · 2016-11-11 06:08 · Score: 5, Informative
  
  The one child policy was phased out in 2015. When it was in effect, it only applied to people living in the cities. People in rural areas could have more than one child (presumably because they were farmers and needed the extra labor.) Fines were somewhat arbitrary but could be many times the average annual salary. Failure to pay the fine would mean your child would never be able to go to school, get a job, rent an apartment, etc.
  An interesting side note, it is illegal in China for doctors to tell a pregnant woman the gender of her unborn child. So if you ever meet a pregnant Chinese woman, don't bother asking if it's a boy or a girl.
6. Re:In fairness by Oswald+McWeany · 2016-11-11 06:36 · Score: 1
  
  That is correct it has ended, and you could have more than one if you wanted to pay heavy fines. However, fewer people are taking advantage of the second child now allowed than was expected because society has got used to the one child norm now.
  
  --
  "That's the way to do it" - Punch
7. Re:In fairness by Anonymous Coward · 2016-11-11 09:31 · Score: 0
  
  It's effects however will linger for some time as it'll take until the lopsided generations die to actually return to a balanced split.
8. Re:In fairness by ShanghaiBill · 2016-11-11 09:54 · Score: 4, Funny
  
  you could have more than one if you wanted to pay heavy fines.
  My wife is Chinese, and her brother wanted a 2nd kid back in 2003, when the "fine" was 5000 RMB, or about $700. I gave him the money, and they had a daughter a year later. She is 12 years old now, and is the world's nicest niece. It was the best $700 I ever spent.
9. Re:In fairness by cbraescu1 · 2016-11-11 11:06 · Score: 1
  
  So if you ever meet a pregnant Chinese woman, don't bother asking if it's a boy or a girl.
  Yeah, because Chinese women can't visit Hong Kong for a quick sound scan. Right.
  
  --
  Catalin Braescu
  Ofaly.com
10. Re:In fairness by Anonymous Coward · 2016-11-11 14:00 · Score: 0
  
  The one child policy was phased out in 2015. When it was in effect, it only applied to people living in the cities. People in rural areas could have more than one child (presumably because they were farmers and needed the extra labor.) Fines were somewhat arbitrary but could be many times the average annual salary. Failure to pay the fine would mean your child would never be able to go to school, get a job, rent an apartment, etc.
  The one-child-policy also had exemption for ethnic minorities as well as couples who had no siblings. The policy wasn't simply a sledgehammer, but had many subtleties not well-known.
  Stories of forced-abortions? Never a central/federal government policy. But again, it's a very, very large country. In backwards, regional provinces, where there is effectively a local despot/mayor, yes. Bad, evil things happened, but has gradually reduced with the spread of better communications (eg WeChat); transportation (there are now 1-2 hour flights which 15 years ago used to take days of bus/trains/hitchhiking) and increased wealth meaning that people have a practical option to move around the country. The option was always there, but wasn't very practical or attractive back when it was a year's wage for the opportunity to be an prostitute or indentured slave in a city where you knew nobody.
  China is a big country, too big for the government to have much power over anything. Not paying the fine is indeed a severe hindrance, but doesn't stop your child from getting an education, job, apartment etc. Like not having a SSN and/or being an undocumented migrant, you effectively give up (substantial in China) government subsidies on education, health-care etc. Also good luck getting a job at large companies and/or the government. But for cash-in-hand transaction, no problems. So a fine actually ends up being cheaper in the end.
11. Re:In fairness by Oswald+McWeany · 2016-11-14 01:53 · Score: 1
  
  $700 not that much in the west, and probably not a huge deal to people in China toady either. I imagine it wasn't something to sneeze at for a family in China circa 2003.
  Here in the US, $700 is less than a third of the cost I owed (even after insurance) for each of my children to be born. Medical Insurance is trying to enact a zero child per family policy here in the US I think.
  
  --
  "That's the way to do it" - Punch
Stats anyone? by snemiro · 2016-11-11 05:43 · Score: 1

Will be very interesting to see a breakdown by country....
1. Re:Stats anyone? by fubarrr · 2016-11-11 05:55 · Score: 1
  
  Last year it was like that: 90% China, 6% Russia, 4% everything else
^ this ^ by Anonymous Coward · 2016-11-11 05:47 · Score: 1

I don't have mod points so all I can say is they're being investigated by basically everyone and have been warned several times by the Chinese industry monitors about this. Nobody's had hard evidence I have seen of them faking the numbers but lots of authorities (in the US, China, some others) have been calling them out on it.
The West better start paying attention... by bogaboga · 2016-11-11 05:48 · Score: 1

...and here is why: -
There was a report that Alibaba generated more revenue than Ebay and Amazon combined. Have a look
I am afraid we in the west may soon cease to be that relevant when it comes to global or worldwide money matters, though I must admit that this is still way far off.
1. Re:The West better start paying attention... by 31415926535897 · 2016-11-11 05:54 · Score: 4, Informative
  
  How is it bad for the US if China is doing well? As far as I can tell, we'll actually have a much better economy here in the US if the rest of the world becomes affluent. They don't have to be doing poorly for us to be doing well--economics is not a zero sum game. I say: good for China that they're growing.
2. Re:The West better start paying attention... by Anonymous Coward · 2016-11-11 06:05 · Score: 2, Interesting
  
  Yes, that is true, Alibaba dwarfs either Amazon or Ebay and is in fact bigger than both together. But more than that, most Ebay sellers are just sourcing items from Alibaba and re-selling on Ebay. A huge fraction of what you buy from Ebay stores is really coming from Alibaba stores originally, with a mark-up by the Ebay middleman.
3. Re:The West better start paying attention... by Solandri · 2016-11-11 06:09 · Score: 1
  
  Asia has other problems to deal with. In terms of GDP per capita, only the city-states of Singapore and Hong Kong have reached western-levels of productivity ($40-$50k/yr) primarily because their stats are not dragged down by low-income rural residents. Japan sits at about 3/4 (low- to mid-$30k/yr). South Korea and Taiwain about half (low- to high-$20k/yr).
  
  My own theory is that this is due to (1) corruption in government and business, and (2) inefficiency due to traditional Confucian ideals which impairs the concept of individual choice and freedom leading to individuals making purchasing decisions which they think is better for their family, rather than what they know is better for themselves. China is actually worse than Taiwan and South Korea in those respects, so I expect to see its GDP per capita leveling off at about 1/3rd to 1/4th western levels of GDP per capita (it's currently at $8k/yr - about 1/5th to 1/6th). China's economy will be huge because of its large population, but not because it's efficient and productive. That means it'll pretty much be a follower, not a leader.
4. Re:The West better start paying attention... by Anonymous Coward · 2016-11-11 06:16 · Score: 0
  
  The report you cite is wrong. Alibaba revenue for fiscal year 2016 (ended in March) was about 100 billion RMB or about USD 15 billion. Amazon revenue for 2015 was USD 107 billion. Alibaba isn't even close.
5. Re:The West better start paying attention... by Anonymous Coward · 2016-11-11 06:37 · Score: 0
  
  Yes, that is true, Alibaba dwarfs either Amazon or Ebay and is in fact bigger than both together.
  No. Remember that Alibaba's commerce solution is a gateway from buyers to sellers. They don't sell anything themselves (or they sell very little.) The $17 billion is Gross Merchandise Volume (GMV), of which Alibaba only keeps a small percentage. Alibaba's total revenue for FY 2016 (ended in March) was about RMB 100 billion or about USD 15 billion. Amazon's revenue for FY 2015 was USD 107 billion. Alibaba isn't even close.
6. Re:The West better start paying attention... by fbobraga · 2016-11-11 06:49 · Score: 1
  
  most Ebay sellers are just sourcing items from Alibaba and re-selling on Ebay
  I can say it's true here in Brazil too (the local eBay is called "Mercado Livre")
7. Re:The West better start paying attention... by fbobraga · 2016-11-11 06:53 · Score: 1
  
  it's real info? (I can't locate the numbers easily: please provide links)
8. Re:The West better start paying attention... by Anonymous Coward · 2016-11-11 12:04 · Score: 0
  
  http://www.nasdaq.com/article/amazon-vs-alibaba-gmv-revenue-ebitda-cm605342
Typical sign. by johnsmithperson123 · 2016-11-11 05:49 · Score: 1

Usually, before a depression, minor panics and a general slowdown occurs, followed by some more initial warning signs. Within a year or two, it's very likely that we will see the real Chinese crash happen (perhaps if the new president gets his way on some of his policies).
1. Re:Typical sign. by iggymanz · 2016-11-11 05:59 · Score: 1
  
  so the Chinese will be in good mindset for making deals. Glad to hear it, playing into Trump's hands already
Re:And half of that was shops buying from themselv by fubarrr · 2016-11-11 05:49 · Score: 1

Still, 5.9 Billion bucks is nothing to sneeze at. Their international outlet racked more sales today in Russia than what eBay sells here in a year.
better explanation by nimbius · 2016-11-11 05:57 · Score: 2

this is also called the 11/11 day sale (single digits) and largely affects http://aliexpress.com/ a competitor to amazon.com

--
Good people go to bed earlier.
1. Re:better explanation by fbobraga · 2016-11-11 06:56 · Score: 1
  
  good information: can you provide links?
ooo by Anonymous Coward · 2016-11-11 06:26 · Score: 0

lol
Doubles day by Oswald+McWeany · 2016-11-11 06:34 · Score: 4, Funny

If there were a doubles day they would make 35.4 billion.

--
"That's the way to do it" - Punch
Re:What no more Trump bashing news? by Oswald+McWeany · 2016-11-11 06:40 · Score: 0

Trump is going to ruin singles day for Americans by placing a tariff on Chinese goods. And then he's going to start WWIII after dinner.

--
"That's the way to do it" - Punch
"Singles Day"= Chinese holiday by Anonymous Coward · 2016-11-11 06:43 · Score: 1

Singles' Day or Guanggun Jie (Chinese: ; pinyin: Gunggùn Jié; Wade–Giles: Kuang-kun chieh; literally: "bare sticks holiday") is an entertaining festival widespread among young Chinese people, to celebrate the fact that they are proud of being single.
Our new national anthem by Anonymous Coward · 2016-11-11 08:12 · Score: 0

https://www.youtube.com/watch?v=04QoA44c23A
- and you don't even need to stand up!!!!!!
Ah to be single again by GeekWithAKnife · 2016-11-11 08:16 · Score: 1

Imagine if you will being alone with hundreds of millions of other lonely people, together.

Is it possible that this one child policy and other change factors completely fucked an entire generation? why so many are depressed, why suicide rates are high, especially for women?

You grow up in this odd environment where males are more sought after because they can earn more and of course expected to achieve and earn more all so they can buy stuff for themselves whilst they are alone. Sounds grand.

Now that so many families have one child that has to take care of two parents they should rejoice because being alone is a celebration!

Remember, the PRC protects you from yourself.

--
A 'singular oddity' is an event that cannot be explained and only happens when you are alone.
1. Re: Ah to be single again by Anonymous Coward · 2016-11-11 09:04 · Score: 0
  
  Bring alone does not mean you are lonely. Needing to be with someone is depressing. Especially as I get older.
2. Re: Ah to be single again by GeekWithAKnife · 2016-11-11 10:33 · Score: 1
  
  Yes, many are perfectly apathetic to the human condition. They are alone and fill their time with work and buying things.
  
  PRC wants to keep you busy. Don't think too much about it just be productive.
  
  --
  A 'singular oddity' is an event that cannot be explained and only happens when you are alone.
New trend developing by poofmeisterp · 2016-11-11 08:44 · Score: 1

This is getting quite annoying and disappointing.
See, back in the "good ol' days", we used to pay attention to market trends, gets news releases about a huge new storefront corporation opening, etc. Now it's starting to degrade to "News" being released about a single website/corporation's "records" being "broken". It's starting to actually sound like a broken record now.
To stoop to the level of "News" release advertising to try and gather more uneducated peoples' purchases is different from SPAM.. how?
That's quite surprising,... by AbRASiON · 2016-11-11 10:00 · Score: 1

I thought all their fucking wealth was tied up in property at Vancouver, LA, SF, London, Sydney, Melbourne, Auckland? ,..........
Fucking decimating a generation over here, fuck our politicians allowing this, fuck them to fucking death.
I guess their wallets truly are endless.
1. Re:That's quite surprising,... by Anonymous Coward · 2016-11-11 10:32 · Score: 0
  
  Unlike Amazon, Alibaba actually makes a profit. Profit that gets invested in western property.
2. Re:That's quite surprising,... by Anonymous Coward · 2016-11-11 13:25 · Score: 0
  
  I thought all their fucking wealth was tied up in property at Vancouver, LA, SF, London, Sydney, Melbourne, Auckland? ,..........
  Or perhaps, just perhaps, your starting premise is at best simplistic and most likely wrong.
  That the reasons property prices are high in those cities are for a multitude of reasons, some foreign, but many domestic. Perhaps because (in some of those countries), the economy has been doing relatively well (especially in those specific cities -- relative to the rest of the country -- which are drivers of their country's economic growth). Tax and planning laws in many countries encourage property speculation. Quantitative easing (aka printing money, aka currency manipulation by the Federal Reserve) has led to a prolong period of low interest rates which reduces the interest payments and bumps up property prices. Hey life is complex.
  You want cheaper house prices, have a depression where there's an unemployment rate (which only counts people actively looking for work) of 30%, that'd fix you right up. Buy in the rust-belt states.
  
  Fucking decimating a generation over here, fuck our politicians allowing this, fuck them to fucking death.
  I guess their wallets truly are endless.
  Nah, let's just hate instead. Yeah, spread the hate.
3. Re:That's quite surprising,... by K10W · 2016-11-12 06:48 · Score: 1
  
  I thought all their fucking wealth was tied up in property at Vancouver, LA, SF, London, Sydney, Melbourne, Auckland? ,..........
  Or perhaps, just perhaps, your starting premise is at best simplistic and most likely wrong.
  That the reasons property prices are high in those cities are for a multitude of reasons, some foreign, but many domestic. Perhaps because (in some of those countries), the economy has been doing relatively well (especially in those specific cities -- relative to the rest of the country -- which are drivers of their country's economic growth). Tax and planning laws in many countries encourage property speculation. Quantitative easing (aka printing money, aka currency manipulation by the Federal Reserve) has led to a prolong period of low interest rates which reduces the interest payments and bumps up property prices. Hey life is complex.
  You want cheaper house prices, have a depression where there's an unemployment rate (which only counts people actively looking for work) of 30%, that'd fix you right up. Buy in the rust-belt states.
  
  Fucking decimating a generation over here, fuck our politicians allowing this, fuck them to fucking death.
  I guess their wallets truly are endless.
  Nah, let's just hate instead. Yeah, spread the hate.
  wish I had mod points, refreshing to see someone who actually understands one effect in a complex set of interactions isn't the cause. People simplify complex realities with multi variables and direct and indirect interactions between those variables into binary black/white single variable scenarios with no outside interactions.
So.... by Anonymous Coward · 2016-11-11 10:47 · Score: 0

....at what age do you then get to own her?
It wasn't much of a sale... by trailerparkcassanova · 2016-11-11 16:49 · Score: 1

Sellers raised their prices a couple of days before and for the "sale" they were slightly lowered. Some lowered their price by $0.01.
Avoid alibaba by Anonymous Coward · 2016-11-12 11:25 · Score: 0

Workers at those vendors will use your card number to order stuff. I learned this the hard way. Never again will I buy from those bastards.
Makes no sense. by Anonymous Coward · 2016-11-12 11:29 · Score: 0

Why would women be killing them selves I f there are 1.5 men to every woman? If anything, women have their pick of any guy.