Chinese Citizens Are Lazy to Shop, Alibaba Discounts 11.11 Crazy Tech – 9 hours ago

Jakarta, CNBC Indonesia – Alibaba Group is preparing a massive discount program during the Singles Day or 11.11 promotional period which falls on November 11, 2023.

According to Reuters, The big discount prepared by Alibaba is a signal that Chinese people’s shopping appetite is still sluggish.

Alibaba popularized the 11.11 discount day as a way to introduce and shape online shopping behavior. Aside from all the 1s on November 11, the name Singles Day was also chosen to encourage single Chinese citizens to “buy yourself a gift.”

Now, the Singles Day sale party goes on for weeks. This year’s big price discount period on Alibaba starts tomorrow, Tuesday (24/10/2023).

In a company statement, Alibaba said there would be 80 million products offered at the lowest prices throughout the year. In addition to the already low prices and various discount coupons, Alibaba is offering an additional 15 percent off some products.

Alibaba has two e-commerce platforms, namely Tmall which provides online stores for well-known brands, and Taobao, which is a marketplace for small entrepreneurs.

Tmall provides real-time product price monitoring features with other Chinese ecommerce platforms. The product with the lowest price will be marked.

China’s economic growth has remained stagnant since Covid-19 restrictions were lifted at the end of last year. This economic situation is pushing e-commerce platforms to jockey for position as platforms that provide the lowest “value-for-money” prices.

Alibaba did not reveal how much money it had prepared for subsidies and coupons this year. However, they stated that Taobao and Tmall would disburse investments of unprecedented value.

Last year, Alibaba for the first time did not announce the transaction value during the Singles Day discount period.

The reason Alibaba did not announce the transaction value is reportedly related to the direction of Chinese President Xi Jinping’s government policy, namely “shared prosperity”. Xi and the Chinese Communist Party have the ambition to cut wealth inequality and eradicate excessive behavior.

[Gambas:Video CNBC]