Chinese online retailer Alibaba is on track to new record of sales in the “singles Day”. According to the retailer, at 16:31 local time (11:31 MSK) sales exceeded $30 billion.
These figures are equivalent to more than 80% of sales of the Chinese competitor of the retailer – an online store Amazon.com Inc in the last quarter and consistent with the sales on the e-Commerce platforms Alibaba “singles Day” last year.
However, analysts believe that Alibaba won’t be able to come close to last year’s record due to a General slowdown in the growth of e-Commerce industry in China, while the pace of economic growth closer to historical lows.
In 2009, Alibaba has made the unofficial holiday “singles Day” in China in the event to experience spending this day the biggest festival in the world of online sales, which eclipsed the cyber Monday sales in the United States, gathered last year to $7.9 billion.
Last year sales in Alibaba “singles Day” increased by 27% compared to the previous year, which is the lowest rate in 10 years. According to analysts, the Chinese investment Bank Citic Securities, sales of Alibaba in this time can grow by 20-25%.