Alibaba Group Holding BABA international e-commerce platform AliExpress is launching Singles’ Day in the U.S. for the first time, presenting a new alternative to Black Friday and Cyber Monday deals.
Singles’ Day, recognized as the world’s largest shopping event, will offer U.S. consumers discounts of up to 90% across various categories, including electronics, home goods, and beauty products, SCMP reports.
Sales in the U.S. will kick off with a three-day presale event starting on Friday.
Also Read: China Weighs $1.4 Trillion Debt Plan to Boost Economic Growth: Reuters
During this event, shoppers can preview discounts and save items in their carts. Final purchases on the complete selection will be available from November 11 to November 18.
Alibaba is doubling its international reach through Alibaba International Digital Commerce Group, pushing to expand Singles’ Day amid a highly competitive Chinese market.
In tandem with its Singles’ Day launch, AliExpress recently rolled out AliExpressDirect in the U.S., allowing American retailers to establish storefronts on the platform.
To encourage participation, AliExpress is rolling out several promotional campaigns.
Alibaba pledged over 40 billion yuan ($5.7 billion) to support merchants on Taobao and Tmall for the Singles’ Day shopping festival. The company allocated 30 billion yuan for consumer vouchers and up to 10 billion yuan to increase traffic.
The platforms also introduced new cost-saving measures for merchants, including waiving commission fees.
Analysts expressed optimism in Alibaba following its first-quarter earnings, with multiple price target increases despite mixed results. Citigroup, JP Morgan, and Benchmark analysts highlighted Alibaba’s operational stability in a challenging environment, seeing potential in segments like Taobao and Tmall.
Price Action: BABA stock is up 1.01% at $99.39 at the last check on Tuesday.
Also Read:
Photo Via Shutterstock
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Market News and Data brought to you by Benzinga APIs
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.