Tuesday, December 7

On “Singles Day”, Alibaba sold almost double what Argentina asked the IMF

The signature of tycoon Jack Ma, in the visor of Chinese leaders in their campaign against local internet giants, announced sales of 540.3 billion yuan ($ 84.5 billion) during this event similar to “Black Friday” in the United States. That is, almost double the US $ 44,000 million that the government of Mauricio Macri borrowed for Argentina during his term.

Together with their great rival in the internet commerce industry, they reached 889,000 million yuan (139,400 million dollars), a figure that exceeds the Gross Domestic Product of countries such as Puerto Rico, Cuba or Ecuador.

This amount was a sales record and an increase of approximately 20% of what was collected the previous year despite a previous low-profile campaign in the face of government pressure against consumerism and aggressive promotions.

However, Alibaba and its rivals expanded it with promotions from November 1 to 11, and some sellers and platforms begin to offer discounts and special offers in October. Digital platforms registered strong sales of items such as household appliances, electronics, pet products or cosmetics.

Concerned about the growing power and market dominance of big tech companies, the Chinese authorities tightened regulation of the sector. In electronic commerce, the government tried to control the use of user data and put an end to monopolistic practices, such as the veto that some platforms made of competing products.


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