Gross merchandise value, a figure that shows sales across Alibaba’s shopping platforms, surpassed last year’s 213.5 billion yuan record (nearly $30.5 billion) on Monday afternoon local time and kept rising through the rest of the day.
At the end of the event, GMV stood at 268.4 billion yuan, just under a 26% rise from the figure posted last year. That’s a slower growth rate than the 27% seen on last year’s Singles Day. In dollar terms, the GMV figure was around $38.3 billion.
It was the 11th edition of the annual Singles Day event — also called the Double 11 shopping festival because it falls on Nov. 11. During the 24-hour period, which began at midnight in Singapore and Hong Kong, Alibaba offered huge discounts across its e-commerce sites such as Tmall.
Alibaba’s Singles Day sales last year exceeded the spending by consumers during any single U.S. shopping holiday such as Black Friday or Cyber Monday.
from Latest News - SUCH TV https://ift.tt/2Q6y1jX
0 Comments