TIL Desk/Business/Hangzhou (China)/ E-commerce giant Alibaba’s Singles’ Day sales hit another record of USD 38.38 billion, even amid concerns of slowing economic growth and trade tensions with the United States. The Alibaba Group’s various shopping platforms’ total GMV exceeded USD 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 close of the 24-hr shopping extravaganza, the total GMV stood at RMB 268.4 billion (USD 38.379 billion). According to Alibaba, the year-on-year GMV growth registered a 25.7 per cent 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. “We have maintained rapid growth in terms of number of customers, new sales. Robust domestic demand is driving the economy,” said Fan Jiang President of Taobao and Tmall.
