The stock of Alibaba Group Holding Ltd (NYSE:BABA) closed at $177.93 losing 0.94% in yesterday’s trading session. The 11.11 Global Shopping Festival associated with the company will today unveil its pre-sale activities. The festival period will be characterized by New Retail experiences, interactive marketing promotions and new product offerings from around the world.
In October, Alibaba proceeded to host a press conference in Shanghai where it announced additional activities and details regarding this year’s festivals as well as details of the gala. If all moves according to plan, about 140,000 brands will be participating in this year’s festivities. About 15 million product listings will be promoted and the more than half a billion Chinese consumers making their way into Alibaba’s platforms will gain access to almost 60,000 international brands.
This year’s 11.11 Global Shopping Festival pulls a long just a year after Alibaba made the announcement regarding its New Retail strategy.
Cainiao Network, which happens to be Alibaba’s logistics network, is confident that about 3 million logistics personnel will be capable of handling the large number of packages generated from the 24-hour shopping festival. Cainiao Network has set aside about US$200 million which it hopes will help merchants and logistics partners take care of the rise in demand.
The festival kicks off on November 10th in Shanghai and David Hill, a Hollywood producer, will be entrusted with it. He will be serving the directing role. The festival will have a number of celebrity guests make live performances and the activities will be streamed live by three TV station partners in China: Shenzhen TV, Beijing TV and Zhejiang TV.
The central mission of Alibaba is to increase the ease of conducting business in any part of the world. The company’s spokesperson opined, “The Company’s aims to build the future infrastructure of commerce. It envisions that its customers will meet, work and live at Alibaba, and that it will be a company that lasts at least 102 years.”
He proceeded to say that the company had other plans underway to ensure that it served its customers in best possible way.
