Chinese state newspaper blasts ‘worship of turnover’ after Alibaba’s Singles Day

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SHANGHAI, Nov 12 (Businesshala) – The focus of China’s Singles Day shopping festivities should shift from a “traffic and sales war” to one of science and technology, a state-backed newspaper described on Friday as a “worship of turnover”. Said happened. As incompatible with China’s new development path.

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The article in Securities Daily comes a day after the annual shopping blitz led by Alibaba Group (9988.HK), which placed orders for 540.3 billion yuan in the 11-day event.

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The paper said the event has achieved several years of record-breaking sales, but it has also led to practices such as spam text messaging of users, unfair competition and discounts to merchants. The paper said the model had become a model in which “successful innovation” was difficult to achieve.

By using low prices as a selling point, platforms and merchants were encouraging “low-level” consumption, which was not in line with China’s goals to achieve high-quality growth.

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“Turnover worship’ is not only sustainable in terms of digital growth, but is also associated with chaos,” the paper said.

It said it expects Singles Day to become a festival for platforms and businesses to showcase innovative achievements, and eventually search for even higher.

The article’s author pointed to Amazon founder Jeff, saying, “I hope that one day, China’s internet giant will no longer focus on the business of mom-and-pop shops, but on the exploration of space in their personal rockets.” Can walk away.” Bezos’ and Tesla founder Elon Musk’s rocket projects take as examples.

Alibaba and JD.com did not immediately respond to requests for comment.

Alibaba turned China’s unofficial Singles Day into a shopping event in 2009 and turned it into the world’s largest online sales festival, dwarfing Cyber ​​Monday in the United States.

It shrugged off marketing hype this year amid regulatory scrutiny, shrugged off a rolling tally tracking transaction that had taken center stage in previous years and said it was focused on sustainability.

Rival JD.com (9618.HK), which also hosts its own Singles Day shopping event, similarly does not publish real-time sales data.

($1 = 6.3898 Chinese Yuan Renminbi)

Reporting by Brenda Goh. Editing by Gary Doyle

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