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By Brenda Goh
SHANGHAI (Reuters) – E-commerce giant Alibaba Group said it would offer huge discounts as it prepares for its annual Singles’ Day shopping spree, an indication that Chinese customer confidence remains at an all-time low.
The occasion, which begins Tuesday and, despite its name, now spans several weeks, will offer more than 80 million products at their lowest costs this year, it said in a statement.
Alibaba also said that this year, its Tmall marketplace for established brands and its Taobao site for small stores will offer a 15% value reduction on select products, in addition to the coupons that will be offered.
Tmall will also compare product costs in real-time with other e-commerce platforms in China and identify the products with the lowest price, he added.
China has noted a much slower-than-expected economic expansion after COVID-19 restrictions were lifted last year and a lack of confidence from many Chinese plunged the country’s online platforms into a “battle for resource optimization. “
However, there have been recent signs that the economy is stabilizing: retail sales rose 5. 5% in September, beating expectations and accelerating from a cumulative 4. 6% in August.
Alibaba revealed the total amount of subsidies and coupons it plans to offer overall this year, but added that Taobao and Tmall have committed an “unprecedented” amount of investment.
Pre-sales, in which consumers can make deposits on items, will begin on Tuesday and then purchases will be made in two periods (the night of Oct. 31-Nov. 3 and Nov. 10-11), making it less difficult to manage the logistics of items. Deliveries.
Last year, the company did not announce a profit for the event for the first time, saying only that the total volume was in line with that of 2021.
Chinese President Xi Jinping has emphasized “common prosperity,” an initiative to develop wealth inequality and crack down on what the Communist Party considers exaggerated behavior.
(Reporting via Brenda Goh; editing by Edwina Gibbs)
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