China’s Singles Day sales festival wraps up with e-commerce giants reporting sales growth

Shanghai: Alibaba Group reported that its Chinese e-commerce platforms Tmall and Taobao recorded “positive” year-on-year growth over this year’s Singles Day sales period, which wrapped up at midnight on Saturday.

Meanwhile competitor JD.com said its festival GMV (gross merchandising volume) hit a “record high” over the sales period.

Originally a 24-hour online shopping event held on November 11 each year in China, the ‘Singles Day’ festival – a nod to the digits in the date – has expanded into weeks of promotions across the country’s major e-commerce platforms and in brick-and-mortar stores.