As Alibaba prepares to sell $15 billion worth of shares in Hong Kong later this month, the Chinese online retail giant hit a new record of $38.4 billion for its 24-hour Singles' Day sale
The Chinese retail juggernaut, with a market value of $486 billion, kicked off this year’s 24-hour shopping bonanza with a live performance by U.S. pop star Taylor Swift followed by live-streamed marketing of over 1,000 brands.
“Nearly all our brands have opted for livestreaming promotions some time this year,” says Josh Gardner, who helps overseas companies sell products on Tmall as CEO of Kung Fu Data. One vendor, New Zealand-based nutritional supplement maker Clinicians, broadcast livestreams from a booth set up on Alibaba’s campus. According to Carlos Zhao, China market manager, the company has seen a 40% jump in sales after it started livestreaming in China six months ago.
“The younger generation is buying more, and the customer from rural areas, the customers from lower-tier cities, they are buying imported products,” Tmall General Manager Alvin Liu told reporters.
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