SHANGHAI: Chinese e-commerce giant Alibaba Group kicked off its annual Singles' Day mega-shopping event on Wednesday, looking to cash in on consumers itching for discounts as the economy rebounds from the COVID-19 crisis.
A worker works at Xunxi factory, which is an affiliate of Chinese e-commerce giant Alibaba, during a media tour, in Hangzhou, Zhejiang province, China, on Nov 10, 2020. Andy Halliwell, senior director retail and retail analyst at digital consultancy Publicis Sapient said in a note that"the lack of consumer tourism which has hit European and US stalwarts like Harrods, Galeries Lafayette and Nordstroms will likely see bigger spending locally".
According to the company, within the first hour of the event on Nov 1, its e-commerce sites Taobao and Tmall sold over 110 million cups of coffee, 4.2 million kilograms of rice, and 2.5 million kilograms of tea.
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