Singles Day (Double 11) started as a one-day event but has morphed into an 18-day online campaign. This year’s Singles Day featured over 290,000 brands from over 90 countries and regions across 7,000 product categories.
Double 11 came and went this year without the star-studded celebrations or mind-boggling revenue reveals. For the first time in 14 years, Alibaba and JD.com have remained close-lipped about the November 11 Singles Day results.
Syntun, an independent, big data monitoring company, reported the total GMV from all major e-commerce platforms surpassed $140.5 billion (1 trillion RMB) for the first time for China’s most important shopping festival.
“In terms of communications from the platform companies around the festival, there’s been a shift away from celebrating excessive consumption and emphasizing gross merchandise value (GMV),” Jacob Cooke, the CEO of e-commerce consultancy WPIC Marketing + Technologies, said.
“The shift has been going on for a few years now, and that’s related to common prosperity, the anti-monopoly drive,” he added.
Sources: https://techwireasia.com/
