Alibaba – huge sales missed expectations due to hot weather and fell on a weekday- Monday
Alibaba strived to capture some extra attention from the audience by announcing a celebration of Single Day with a huge 24-hour sale event. But the co-founder of Alibaba- ‘Jack Ma’ claims that the sales expectations were missed due to the hot weather and the fact the event fell on a weekday, Monday. The Chinese e-commerce giant crossed the value (GMV) of 268.4 billion yuan or over $ 38.3 billion.
Though GMV earned a great achievement even it didn’t meet Ma’s expectations. Still, Ma claims that he was happy that the GMV surpassed analyst estimates. Singles day, also known as ‘Double 11’ because it falls on November 11, renders a great chance to shop thousands of products on a heavy discount.
11.11 number surpassed forecast and went beyond the expectations- said ‘Ma’ at the 5th world Zhejiang Entrepreneurs Convention on Wednesday.