Alibaba Group Holding is expecting an additional 100 million consumers to shop on its Tmall and Taobao online platforms but declined to provide targeted sales value for the Singles’ Day shopping festival on November 11.
The e-commerce giant said on Monday that based on its analysis of data and consumer behaviour, the number of participants is likely to top 500 million during the world’s largest single-day shopping event. Dubbed as China’s Black Friday, it is a bellwether of consumer demand in the world’s most populous country.
“We are no longer chasing bigger gross merchandise value (GMV),” said Jiang Fan, president of Taobao and Tmall, during a press conference in Shanghai. “We hope this year’s festival will generate social value by attracting more participants.”
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