Alibaba is reporting slower sales growth for its Singles Day shopping event.

Chinese e-commerce giant Alibaba said $ 84.5 billion worth of goods were sold on its platforms during the Singles party which ended Thu...


Chinese e-commerce giant Alibaba said $ 84.5 billion worth of goods were sold on its platforms during the Singles party which ended Thursday, an 8.5% increase from last year and an indication that Beijing’s campaign to tighten regulation of internet companies has not quenched consumer enthusiasm for the purchase of products online.

Nevertheless, sales growth was lower than the 26 percent increase that the company reported in 2020 compared to the previous year.

The number Alibaba announces each year after its big retail windfall is the gross merchandise volume, which is said to represent the total value of orders. There is no standardized way to calculate this metric in the e-commerce industry, so Alibaba has the flexibility to choose the outcome it reports.

This year’s figure grabbed sales from November 1-11. Singles Day was once a 24-hour event, but has turned into a multi-week extravaganza. Before last year, Alibaba title number sales captured on November 11 only.

The Chinese government has moved quickly over the past year to impose further restrictions on giant internet companies, which have long thrived with little oversight of their business practices. Beijing now wants the tech industry to be competitive and contribute more to society. In response, Alibaba put a socially responsible twist on Singles Day this year, emphasizing eco-friendly products and campaigns to help neglected children and the elderly.

Until Thursday, it was not clear that Alibaba would release the final Singles Day sales figure this year. Asked about it by the New York Times this week, an Alibaba spokeswoman declined to comment. Last month, Alibaba’s chief marketing officer, Chris Tung, said the company’s focus had shifted from pure sales growth to “sustainable growth.”

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Newsrust - US Top News: Alibaba is reporting slower sales growth for its Singles Day shopping event.
Alibaba is reporting slower sales growth for its Singles Day shopping event.
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