Alibaba Starting Singles Day Online Sales in Myanmar
YANGON, NNA - Chinese online shopping giant Alibaba Group Holdings Ltd. will launch the Myanmar version of its Nov. 11 ”Singles Day” sales promotion, taking advantage of the fast-growing e-commerce market there as part of its broader growth strategy.
Alibaba Group aims to raise the number of Shop.com.mm subscribers in the country 10 fold over the next two to three years, from the current 500,000.
Shop.com.mm in Myanmar is run by Alibaba affiliate, Daraz Group, and is one of the most popular e-commerce sites.
While hopeful about the growth potential, Frans Maas, co-managing director of Daraz Myanmar/shop.com.mm also said that the government, regulatory bodies and private sector organizations need to make more efforts to build regulatory, payment and tax frameworks for e-commerce.
Ahead of Singles Day, Shop.com.mm is offering a 25 percent discount on purchases settled by credit card and free domestic delivery, in partnership with Visa Inc.
Alibaba Group acquired the Pakistan-based e-commerce operator Daraz Group in May.
Alibaba generated gross merchandise value (GMV) of $25.3 billion on Singles Day in 2017, larger than Black Friday online sales in the U.S., which are estimated at $5 billion.