Chinese e-commerce giant Alibaba Holding Group Ltd. is offering a new shopping window and more livestreaming and international sales for the world’s largest online sales event.
The 24-hour 11.11 Global Shopping Festival shopping extravaganza (popularly known as “Singles Day”), held every Nov. 11 since 2009, routinely generates higher gross merchandise value (GMV) than Amazon’s similar Prime Day online sales event, estimated to have generated more than $10 billion this year. In 2019, Singles Day generated an estimated $38.4 billion in gross merchandise volume (GMV).
New features of the 2020 edition of Singles Day include expanding the concept from “single” to “double,” enabling participating retailers to promote their products to consumers across China twice. Alibaba is adding a new sales window from Nov. 1-3, ahead of the main event on Nov. 11. The retailer especially hopes to provide new companies and small businesses the opportunity to showcase their products and tell their brand stories.Chain Storeage