BEIJING: Initiated by China’s e-commerce giant Alibaba in 2009 and taking place from late October until November 11 this year, the annual online shopping bonanza Double 11, roughly China’s answer to Black Friday and Cyber Monday, has been a great opportunity for many domestic and overseas consumers to make their purchases in order to obtain the greatest possible markdown.
Over recent years, the boom of e-commerce platforms, improved logistics services and new forms of promotion like live-streaming have boosted spending. Nevertheless, despite predictions of sharply declining sales due to the impacts of COVID-19 and the economic downturn this year, the results are likely to be better than expected. Leading online retail platforms like Tmall, owned by Alibaba, and JD.com did not release their total Double 11 turnover figures for this year. Tmall said its gross merchandise volume (GMV) was roughly the same as the 2021 volume valued at 540.3 billion yuan ($76.53 billion). JD.com’s GMV growth was faster than the industrial average and its number of shoppers also saw significant growth, according to the company.
–The Daily Mail-Beijing review news exchange item
