Alibaba Changes Priorities During 2021 'Singles Day' Albeit With Exceptions

Alibaba Group Holding Ltd's 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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