Alibaba's Singles' Day Presales Skyrocket With Live Streaming Boost, Stock Inches Higher Ahead of Shopping Extravaganza
Portfolio Pulse from Anusuya Lahiri
Alibaba's stock traded higher as presales for its Singles' Day promotion, boosted by live streamers, began on Taobao and Tmall Group. The platforms recorded over 200% YoY increase in turnover for 1,300 brands within an hour of presales. E-commerce rival JD.Com also kicked off its Singles' Day campaign this year ahead of Alibaba. Chinese stocks also got a boost from reports over Beijing's stimulus plan.
October 26, 2023 | 12:52 pm
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POSITIVE IMPACT
Alibaba's stock traded higher due to the successful start of its Singles' Day promotion. The company's aggressive live-streaming strategy reflects the increased competition on Singles' Day.
The successful start of Alibaba's Singles' Day promotion, with a significant increase in turnover for many brands, has likely contributed to the rise in the company's stock. The company's aggressive live-streaming strategy also indicates its determination to compete in the market, which could further boost investor confidence.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
JD.Com kicked off its Singles' Day campaign this year ahead of Alibaba, showcasing its vast inventory of over 800 million products available for immediate purchase.
JD.Com's early start to its Singles' Day campaign, along with its vast inventory, could attract more customers and potentially boost its sales, which could have a positive impact on its stock in the short term.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 70