How Alibaba turned a fake holiday into a $25 billion shopping extravaganza that's bigger than Black Friday and Cyber Monday combined
in just 24 hours on November 11, 2017 — that's more than US Black Friday and Cyber Monday online sales combined.
The company was able to make this made-up holiday explode into a billion-dollar shopping extravaganza thatThat's how much Alibaba, the Chinese e-commerce giant, made in just 24 hours on November 11, 2017.It happened during an unofficial Chinese holiday called: Singles' Day. Singles' Day literally translates to "Bare Sticks Holiday." The expression refers to bachelors who aren't adding "branches" to the family tree.
Though, fast forward to 2009. Alibaba's CEO, Daniel Zhang, sees a business opportunity to co-opt the unofficial holiday in an attempt to drum up more online sales. In China, spikes in shopping sales were common in late September, before China's National Day. And again in the first two months of the year before the Spring Festival.created a lull in late autumn, which Alibaba hoped to exploit with deep price cuts.jumped on board the next year.And it looks like it's just going to get even bigger.
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