Wednesday , October 27 2021

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



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Ninety years ago, Alibaba's online retailer invented Singles Day. Customers will order as world champions. How the company also uses customer information.

China in shopping tours: On the most important consumer day on November 11, online retailers again reached record sales. Consumers ordered goods worth nearly 30 billion euros from Alibaby retailer itself on Sunday evening. Again, sales exceeded more than a third again last year. For economists, it is a sign that China's economy is still good. And founder Alibaba Jack Ma, who is already more billionaires, was even richer.

For the company is 11.11. Meanwhile, celebration of the collection of customer information. "Alibaba is primarily a data-driven company, not a retailer on the Internet," the authors write. "We will soon remove the term" e-commerce "from our dictionary," founder Jack Ma said. Net trade, whether online or offline, is an "obsolete concept". The fastest growth in the engineering group, the division for artificial intelligence, computer financial services and the evaluation of large databases. The company wants to focus on it.

"Singles' Day: Sales will increase by 3800

No day of the year generates as much consumer data as 11.11. The story of Singles' Day began with the idea that Jack Jack himself had commissioned his marketing people. For the first time in 2009, they offered their website for trading at individual prices on a day of many. At that time, his website, like Taobao.com and Tmall.com, sold goods worth almost eight million euros. In just ten years, sales have since risen by a factor of 3800. Platform vendors will put billions of packages in the next few days.

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Hundreds of thousands of orders in "Singles Day" per second

Alibaby computers received hundreds of thousands of orders per second on Sunday high hours. Meanwhile, the citizens of the country eagerly filled the virtual shopping carts: the higher the value of the order, the higher the discount. With a magnificent result. The daily turnover of € 30 billion corresponds to approximately Internet retail revenue generated in Germany in six months. It has just reached the annual gross domestic product of Panama.

Alibaba is sincerely engaged in maximizing the use of collected customer information. China generally does not concern privacy. And citizens tend to trust their services online for the rest of their lives.

Chinese consumers are almost indisputable that Alibaba can not answer. Even in the real world, Alibaba collects data on consumers alike: more and more participating cameras watch a patrol. The computer identifies Alibaba customers according to the profile of the face recognition profile. Products that people stop for a long time or add to their hands add the system to their electronic file as potentially interesting. Meanwhile, background software is becoming more sophisticated. It offers the visitors of the platform almost an idea of ​​the products they would like to have.

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