Singles Day Sales Proves the Value of V-MORE
Chinese e-commerce giant Alibaba has smashed records for its Singles Day, the world’s biggest 24-hour shopping event, despite an ongoing trade war with the US and waning domestic interest in the event.
The 2018 edition of the 11/11 Singles Day brought in a record $30.8 billion (213.5 billion yuan, renminbi), beating Amazon’s Prime Day, as well as both US shopping holidays Black Friday and Cyber Monday combined.
The result proves the market for Asian based e-commerce company V-MORE. Although not ready for Singles Day it is expected the company will first flex it’s muscle on Black Friday 2018 but will be ready for Singles Day 2019.
Alibaba boasts a reported 666 million active monthly users, more than twice the population of the US, which may have helped.
“That trend [of a rising Chinese middle class] is not going to stop, trade war or no trade war,” Alibaba Executive Vice-Chairman Joe Tsai said in a company blog post on Sunday. Tsai estimates that China’s middle class would almost triple by 2030, from 300 million to 850 million.
Singles Day will be a Gold mine for V-MORE, in the nine years since Singles Day began, the number of brands that signed up to participate has gone from 27 initially, including Adidas, to 180,000. Alibaba’s main rival, JD.com, with backing from Walmart, Google and Tencent, posted its own Singles Day volume of $23 billion (RMB 160 billion).
The record $30.8 billion in sales marks a 27-percent increase on 2017. This does, however, mark a significant drop in overall growth, which is down compared to a rate of 39 percent year-on-year in 2017.
At present, only 17.5 percent of Chinese commerce is conducted online but Vmore will tackle that dynamic in a brand new, soon to be revealed way.
V-MORE aim to take on the giants in the industry and become the world’s leading e-commerce platform and the number one marketplace for high quality products that are value for money – products that Team VenVici and Affiliates personally love, have purchased and benefited from. The vision and mission is to reward both our merchants and consumers for every purchase.
Merchants are discovering the benefits of selling through an ecommerce platform that has a true pan-Asian reach. The ability of a merchant to market products to neighboring countries and around the world with the help of a company that truly knows and understand the region is a game changer.