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Alibaba unit ramps up subsidies to export the Chinese Singles Day shopping holiday

BEIJING — Chinese e-commerce giant Alibaba is pressing into overseas markets as competition heats up around the Singles Day shopping festival the company launched 12 years ago in China. Akin to Black Friday or Cyber Monday in the U.S., the shopping event started as a day of mass discounts on Alibaba’s online shopping platforms on Nov. 11. The promotional period has since expanded to at least Nov. 1 to 11, while other Chinese e-commerce companies such as JD.com have piled in. This year, JD reported 32.8% growth in transaction volume to 271.5 billion yuan ($40.4 billion) from 2019. That’s faster than the 26% increase Alibaba disclosed, albeit to a far greater figure of 498.2 billion ($74.1 billion) in gross merchandise volume (GMV). GMV is a metric most commonly used in e-commerce that measures the total dollar value of goods sold over a certain period of time. Read from source….