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How a Chinese e-commerce company racked up $3 billion in sales in just 24h

Last week Chinese e-commerce giant Alibaba shocked the web with news that its subsidiaries Taobao like a Chinese eBay and T-mall like Amazon sold a massive $3.06 billion in product in a single 24-hour period.

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Last week Chinese e-commerce giant Alibaba shocked the web with news that its subsidiaries Taobao like a Chinese eBay and T-mall like Amazon sold a massive $3.06 billion in product in a single 24-hour period.

Three billion dollars is almost triple the entire 2011 Black Friday sales of e-commerce sites in the United States, and this is a testament to both the growing maturity of the Chinese online market and the central position Alibaba holds in China.So how do you do $3 billion in sales in a single day?

I interviewed an Alibaba spokesperson, who preferred to remain unnamed, to find out.Almost as many users as TwitterFirst of all, it helps to have users — lots of them.The two sites, Taobao.com and Tmail.com, share a combined user base of half a billion registered users. That’s only about 30 percent of the total Chinese population, which means that Alibaba has a long runway for continued growth as the Chinese middle class continues to grow — and suggesting that a $10 billion day is not out of the realm of possibility in years to come.

via How a Chinese e-commerce company racked up $3 billion in sales in just one day | VentureBeat.

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Thailand Q1 Investment Applications Soar 80% as FDI More Than Double says BOI

The top three source countries of FDI applications during the first quarter were South Korea, China, and Singapore, with similar levels of investment. Korean investment soared due to a large-scale joint venture in the medical sector, Ms Duangjai said.

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The Thailand Board of Investment (BOI) said today that in the first quarter of 2021, investment applications rose 80% from the year earlier period to a total value of 123.4 billion baht (USD3.9 billion), led by projects in the medical and electric and electronics (E&E) sectors, as foreign direct investment (FDI) applications more than doubled.

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