The mega event is scheduled to be held on November 11 in China.
“Singles’ Day has now become a stage for Alibaba to showcase its capabilities across all its platforms,” Daniel Zhang, CEO of Alibaba Group Holdings Ltd., at a press conference.
This year’s Singles Day will also be outgoing chairman Jack Ma’s last one, as Zhang preps to take over eventually.
According to Bloomberg, more than half a billion people are expected to visit Alibaba’s websites in search of Dyson hair dyers, infant formula and Gucci bags. The Chinese internet giant has been able to post stupendous growth for almost a decade, including a 39 percent jump in sales last year to $24.2 billion.
However, this year’s plans to beat sales figures could be hampered due to a slowing economy, real estate deflation and an ongoing trade war with the USA, added Bloomberg.
The National Bureau of Statistics stated that online retail growth slowed to 24%, down 12 percentage points in Q2 2018. While policy changes have been in effect including reductions in income tax and tariffs on goods, spending may increase now in the run up to Singles Day.
Ahead of this year’s mega event, Alibaba is expanding its offerings – Ele.me, the startup it took control of this year, will provide delivery services for select Starbucks stores across 11 cities in China. Rural Taobao will offer coupons for goods across 800 counties, and Lazada will roll out promotions across six Southeast Asian countries including Indonesia, Malaysia and Thailand.
The push is part of Zhang’s efforts to make Singles Day a global event, with Russia, Hong Kong and USA being among the biggest buyers from last year’s sale. With plans to expand to the USA staggering, it appears as though Southeast Asia will be an obvious region for Alibaba’s overseas expansion plans.