- Alibaba Group Holding Ltd's (NYSE:BABA) annual 'Singles Day' shopping spree is set for its most sober tone ever in 2021, amid China's regulatory scrutiny drive on the giant companies, Reuters reports.
- Alibaba preaches sustainability and inclusiveness rather than hyping the usual sales boom amid calls by Beijing to promote "common prosperity."
- Alibaba's 2021 priorities were encouraging "eco-friendly consumption" and "supporting vulnerable populations." However, Alibaba's live-streaming stars and deep discounts will play a significant role in 2021's festivities.
- Alibaba said a record 290,000 brands would participate, and its Tmall marketplace would offer more than 14 million deals.
- Alibaba would develop new products with lower carbon footprints and pledged to make charitable donations alongside some purchases.
- "11.11 (Singles Day) is a powerful and influential platform that we will fully leverage to advocate and drive our ESG (environmental, social, and governance) initiatives this year."
- In 2020, Alibaba expanded its online shopping festival from a one-day November 11 event into an 11-day extravaganza, with celebrity performances and a sales metric ticking over live on a scoreboard.
- The scoreboard ended with the news that it had racked up $74 billion in orders, or 'gross merchandise value (GMV).
- Recently Chinese regulators ordered the e-commerce sites to curb spam in the run-up to Singles' Day and drafted a list of responsibilities.
- Price Action: BABA shares traded lower by 2.48% at $169.07 in the market session on the last check Monday.
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