China’s online retail behemoth Alibaba is gearing up for a massive revenue for the upcoming “Singles’ Day,” China’s official online shopping holiday scheduled Friday Nov. 11.
According to market experts, Alibaba’s online sales may reach a record-breaking $20 billion this time around after last year’s impressive numbers, Forbes reported.
Alibaba broke its own record last year by a single-day sales record of $14.3 billion during the 24-hour period (generating as much as $9.3 billion in the first 12 hours of the event). The numbers for 2015 were up 60% from the figures accumulated in 2014.
The magnitude of the sales required the coordination of 1.7 million workers using 400,000 vehicles, 5,000 warehouses and 200 airplanes to deliver the ordered goods to the online buyers. This year, Alibaba even promised to deliver goods in as little as two hours.
Alibaba is preparing for an even bigger spectacle, turning China’s Singles’ Day into an international event with planned concerts from Katy Perry and OneRepublic and an appearance by Kobe Bryant.
New vendors are also expected to participate. For the first time, products from Apple, Guerlain, Maserati and Target will be available on Alibaba’s online store Tmall, joining Costco, Macy’s, Starbucks and Zara.
Research firm Fung Global Retail & Technology is looking at another 40% increase this year to Alibaba’s profit, with an expected $20 billion in sales. The New York firm cites Alibaba’s innovative and aggressive marketing strategies among the keys to its impending success.
Singles’ Day, has been promoted by Jack Ma’s Alibaba as a 24-hour shopping day since 2009, on which thousands of international and local brands offer huge discounts for its online stores.