US adds Alibaba, Tencent to list of businesses that trade counterfeit goods
The Office of the USTR said its list had for the first time included AliExpress and WeChat e-commerce sites.
Chinese e-commerce giant Alibaba’s Singles’ Day sales hit another record of 24.3 per cent jump to $38.38 billion during the 11th edition of mega event.
Alibaba’s sales across various platforms exceeded $10 billion in just 29:45 seconds and broke last year’s record sales figure after 16 hours 31 minutes of the Global Shopping Festival going live.
At the end of 24-hr shopping extravaganza, the total GMV stood at RMB 268.4 billion ($38.379 billion).
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According to Alibaba, the year-on-year GMV growth registered a 25.7 percent rise, while the number of delivery orders stood at a massive 1.292 billion.
The sales figure of this year’s 11.11 Global Shopping Festival was keenly watched amid rising trade war concerns between China and the US.
Fan Jiang, President of Taobao and Tmall said that fusion of online and offline had also contributed to the gross merchandise value (GMV) of sales.
The Tmall platform is China’s biggest B2C marketplace for both Chinese and international brands and retailers. On the other hand, Taobao is a popular online shopping website in China. Both companies are owned by Alibaba.
Alibaba said Russia, Hong Kong, Taiwan, United States, Australia, Malaysia and Japan, were among the countries that bought from China (in GMV) during the 11.11 shopping festival.
The 11.11 shopping festival started in 2009 with participation from just 27 merchants. Now the festival has evolved into a global shopping festival. This year, over 2,00,000 brands from 78 countries participated in the event.
The Singles’ Day event is also referred to as 11.11 (November 11) as the date comprise of four ‘ones’ representing four singles.
(With input from agencies)
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