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Chinese e-commerce giant Alibaba recently said that $84.5 billion worth of goods were sold on its platforms. Singles’ Day shopping festival That ended Thursday, an 8.5 percent increase from last year, and an indication that Beijing’s campaign to tighten regulations on internet companies has not dampened consumers’ enthusiasm for purchasing products online.
Despite this, the growth in sales 26 percent increase The company reported in 2020 compared to the previous year.
The figure that Alibaba releases each year after its big retail win is the gross merchandise volume, which should represent the total value of orders. There is no standard way to calculate this metric in the e-commerce industry, so Alibaba has the freedom to choose the result it reports.
This year’s figure shows sales from November 1 to November 11. Singles’ Day was once a 24-hour event, but it’s turned into a multiple week-long splurge. Before last year, Alibaba’s title number only sales captured on November 11th.
The Chinese government has acted swiftly over the past year to impose new restrictions on giant internet companies that have long grown with little oversight of their business practices. Beijing now wants the tech industry to compete fairly and contribute more to society. In response, Alibaba made a socially conscious return to this year’s Singles Day, highlighting eco-friendly products and campaigns to help neglected children and the elderly.
Before Thursday, it was unclear whether Alibaba would release a final sales figure for Singles’ Day this year. When asked by The New York Times this week, an Alibaba spokesperson declined to comment. Last month, Chris Tung, Alibaba’s chief marketing officer, said the company’s focus has shifted from pure sales growth to “sustainable growth.”
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