Entertainment

Alibaba’s Singles Day Sales breaks the record with more than $38 billion in sales

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.

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Article source: https://www.suchtv.pk/entertainment/item/91301-alibaba-s-singles-day-sales-breaks-the-record-with-more-than-38-billion-in-sales.html

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