Actionable news
0
All posts from Actionable news
Actionable news in BABA: ALIBABA GROUP HOLDING LIMITED,

Alibaba just proved it's more than just some Chinese company

View gallery

.
A screen shows real-time data of transactions at Alibaba Group's 11/11 global shopping festival in Beijing, China, November 11, 2015.

(REUTERS/Kim Kyung-Hoon)

Alibaba had a huge day on Wednesday. The company's 11/11 Singles' Day sales eclipsed analyst expectations with over $14 billion processed on the company's platforms in just 24 hours.

While this number is massive, and may or may not help quiet critics, the way the company made the boatloads of money offers a glimpse into the future of Alibaba.

Singles' Day was an international success

Alibaba's big push for Singles' Day this year was to grow the sale into a global event. The company teamed up with 20,000 non-Chinese retailers to sell products on its Tmall and Taobao platforms. They even had a televised party featuring celebrities such as Daniel Craig and a video of Kevin Spacey in character as Frank Underwood from House of Cards.

It was a phenomenal success.

"CEO Daniel Zhang noted that cross-border gross merchandise volume (GMV) generated in the first two minutes this year exceed the total cross-border GMV generated during the entire 24 hour period last year, a positive indicator of international traction," wrote Stifel analyst Scott Devitt in a note to clients Wednesday.

Daniel Wei, at...


More