Alibaba break own Singles’ Day sales record
Alibaba has hit record sales for China Singles’ Day of $25.4bn (£19.2bn), surpassing last year’s high within just 13 hours. Some $1bn (£758m) alone was spent in the first two minutes after midnight on 11 November, with customers spending 40% more on Alibaba than last year.
Held annually on 11 November, Singles’ Day is now the world’s largest online shopping event, exceeding the combined sales for Black Friday and Cyber Monday in the US. More than 1.5 billion parcels are expected to be delivered over the next six days to hundreds of millions of Chinese shoppers who took advantage of the discount online shopping event.
To publicise the count down to Singles’ Day Alibaba flew celebrities including Nicole Kidman, Pharrell Williams and Maria Sharapova to Shanghai to perform on stage at a televised gala.
Going forward it is expected that retailers outside China will ramp up their efforts to tap into this shopping event, as data from PCA Predict shows that 27% of purchases made on Single’s Day 2016 in China were from international brands.
Co-op takeover of Nisa faces resistance
The Co-op’s £143m takeover of convenience chain Nisa is facing resistance from shareholders, causing fears that despite support for the deal it would not secure the necessary 75% share of votes.
The 60,000 shares in question are owned by Nisa members, who each own between one and 250 shares. Last month 1,190 shopkeepers who own the business were advised by the Nisa board to accept the deal, which includes £20,000 up front as well as deferred payments worth more than £410,000 for those who own a maximum 250 shares.
Some of Nisa’s 1,190 members are entrepreneurs running small chains, giving the business a network of 2,400 stores. The issue of independence is a sticking point for some, as according to reports in the Guardian, Nisa members today are divided by those fiercely protective of its independence and others who feel the chain needs more scale given Tesco’s recent acquisition of convenience wholesaler Booker.
Ex-Asda boss Andy Clarke joins food tech start-up
Former Asda CEO Andy Clarke has joined the board of food tech startup Spoon Guru, a year after leaving the supermarket giant.
Clarke will become non-executive chairman at the London-based start-up, which has developed technology that allows consumers to search retailers’ produce according to their specific dietary needs. Since launching in 2015, Spoon Guru worked with Tesco to integrate its search tools into the retailer’s online site.
Since leaving Asda in June 2016 after 20 years at the supermarket, Clarke has been working on building a “portfolio career”, according to reports in The Telegraph.
Trouva secures $10m investment
Fast growing startup Trouva has secured $10m (£7.6m) in funding from the backers of Farfetch, Asos, Etsy and Secret Escapes.
The ecommerce platform for independent bricks-and-mortar retailers received investment from BGF Ventures, the UK’s largest venture fund, alongside Index Ventures (investors in Farfetch, ASOS and Etsy) and Octopus Investments (backers of Secret Escapes and Graze).
Named as one of Marketing Week’s 100 Disruptive Brands in 2017, Trouva has grown by 1,509% over the past 18 months alone.
The startup debuted its first TV advertising campaign on 1 November on Sky, after beating off stiff competition from 200 fellow startups to win a fully funded TV campaign created by media agency All Response Media. Running until the end of the month, the ‘Trouva Street’ ad concept showcases a selection of the 350 boutiques signed up to the platform.
Source: Marketing Week