This archive report was first published on 11 November 2019.
Alibaba is gearing up for its 11th annual Singles' Day shopping extravaganza, which is expected to attract over 500 million users and feature a performance by American popstar Taylor Swift.
The event, which takes place on November 11, comes as the company faces a major turning point following the resignation of co-founder Jack Ma as chairman in September. Alibaba is also looking to raise up to $15 billion via a share sale in Hong Kong as early as this month.
Originally promoted by Alibaba Chairman and CEO Daniel Zhang in 2009, Singles' Day has grown rapidly to become the world's biggest online sales event, dwarfing U.S. online sales for Cyber Monday last year.
Alibaba saw sales worth $30 billion on its platforms on Singles' Day last year, but the 27% sales growth was the lowest in the event's 10-year history, spurring a search for fresh ideas.
This year's event will feature over 200,000 brands participating, one million new products on offer, and a performance by Taylor Swift alongside local celebrities like Jackson Yee.
Alibaba's Singles' Day celebrations have featured U.S. singer Mariah Carey and musician Pharrell Williams in the past. The company has also partnered with Kuaishou and Douyin, two popular Chinese video apps, to help it broadcast product promotions.
However, Alibaba faces intense competition from smaller rivals such as Pinduoduo, which have outsmarted the company in second- and third-tier cities with deep discounts and group-buying deals.
Alibaba has been trying to expand its customer base beyond its core first- and second-tier city shoppers to less developed areas to combat slowing retail sales growth.
For More of This and Other Stories, Grab Your Copy of the Standard Newspaper.
