"Singles Day" in China kicks off this weekend. The World's largest 24-hour online shopping event is 2.5 times biggest than Black Friday and Cyber Monday combined, according to Alibaba. Alibaba Group President Michael Evans joins Cheddar from Shanghai, China.
Sales for Alibaba's shopping event have grown more than 200 percent since 2013. But a new survey says fewer people will participate this year. However, Evans says he is seeing a "huge uptake" in participation this year. Alibaba is also adding new features to bridge the gap between digital and physical retail through technology.
Evans says Alibaba is also "gamifying" the retail experience through augmented reality technology, such as creating retail spaces with smart mirrors. Citigroup Inc. estimates this year’s sales could reach $24 billion. In 2015, Alibaba Founder Jack Ma said that in 10 years, he envisioned having the ability to ship to consumers anywhere in the world within 72 hours. Evans says Alibaba has made a lot of progress on that statement, and is working to put infrastructure in place to achieve this long-term goal. On whether Alibaba will expand into the United States, Evans says the company is investing a lot in its globalization efforts.