Yuuzoo latest news: Chinese e-commerce giant Alibaba Group Holding Ltd recorded a massive US$30.8 billion in sales of gross merchandise volume (GMV) on November 11, 2018 on its Alibaba Singles Day special sale also known as 11.11 Global Shopping Festival. The figures are 27% higher compared to 2017.
The festival saw participation from more than 180,000 brands and generated US$1 billion (RMB6.9 billion) of total GMV was settled through Alipay in the first 1 minute and 25 seconds and US$10 billion (RMB69.3 billion) of total GMV was settled through Alipay in 1 hour and 48 seconds. -yuuzoo latest news.
“Today we witnessed the strength and rise of China’s consumption economy and consumers’ continued pursuit to upgrade their everyday lifestyles,” said Daniel Zhang, CEO of Alibaba Group. “Participation from the entire Alibaba ecosystem enabled our brand and merchant partners to engage with consumers like never before. Looking ahead, Alibaba will continue to lead the evolution towards the future digital economy and lifestyle.” -yuuzoo latest news.
Key highlights from the 2018 11.11 Global Shopping Festival