“The Nov. 11 annual event, which has been going for a decade, started as a marketing gimmick for an upstart e-commerce company looking to draw a crowd. And it did.
GMV (gross merchandise value) grew more than 4,000 times between 2009 and 2018, hitting $30.8 billion last year
Alibaba doesn’t want to be just an e-commerce company anymore. Zhang, who has risen through the ranks and took over as chairman from Ma two months ago, is hoping to lean more heavily on new businesses such as cloud computing, digital media and entertainment, offline retail, and local services such as deliveries.”
Will Alibaba break its own record this 11.11 global shopping fest? And where is Jack Ma?
Billed as the world’s largest 24-hour online shopping event in terms of GMV, the 11.11 event has over 200,000 brands participating with more than a million new products on offer. Over 500 million users are expected to participate in this year’s festival – about 100 million more than last year.
Black Friday weekend had reportedly generated a total of $14.05 billion in online sales for 4,500 US online retailers over four days.
During India’s Diwali online shopping festival, sales split the e-tailer market share between Amazon India and Flipkart. Their combined market share was 90 percent in terms of merchandise volume, with Flipkart leading at 60-62 percent and Amazon India coming in at 28-30 percent.
“Club Factory, an AI-based ecommerce company that sells clothing, accessories, electronics and other items, has raised a $100 million round. The Series D was led by Qiming Venture Partners, with participation from Bertelsmann, IDG Capital and others, per TechCrunch. The Chinese business reportedly plans to use the funding to expand its operations in India.”
“According to eMarketer, retail eCommerce sales in China will increase from $1.52 trillion in 2018 to $4.10 trillion by 2023. Therefore, it is entirely likely that JD.com will continue to witness 20% plus top-line growth in the next 3-5 years.
Drone deliveries will enable eCommerce to reach relatively remote areas. Approximately 577 million people still live in rural China and this presents a big opportunity for JD.”
“Alibaba Group Holding has revealed its own home-grown high-performance AI inference chip, a neural processing unit (NPU) named Hanguang 800, as it pushes further into the field of artificial intelligence and seeks to make its ecommerce platform more efficient.”