Alibaba has just achieved a miracle.
Alibaba’s `Singles Day` has become a global event.
Jack Ma (left) and Daniel Craig (center) on opening day before Singles Day.
`CEO Daniel Zhang said the value of goods sold abroad in the first 2 minutes of this year was higher than 24 hours last year. This is a good sign for the company’s position in the international arena,` Scott Devitt
Daniel Wei – analyst at Credit Suisse said Alibaba’s five largest foreign markets are the US, Singapore, Malaysia, Australia and Canada.
`What’s important is that this is the first time Alibaba has had so many international brands on its website. It’s an opportunity for them to expose Chinese consumers to foreign brands,` Peck said.
Alibaba founder and Chairman Jack Ma also said last week on Bloomberg that the company is trying to have 50% of its revenue come from foreign markets.
Although the domestic market remains attractive, only 50% of China’s population has access to the Internet.
Alibaba’s strategy can be seen as killing two birds with one stone.
The Singles’ Day campaign is only part of these two goals.
`These moves can be seen as long-term moves as the company begins to expand into the US and Europe in the next few months. The impact of Singles’ Day will be a positive step in the process of transforming into a corporation.
By reaching out to the world, Alibaba is trying to escape the label of `Chinese e-commerce company` to become a global e-commerce empire headquartered in China.
