Alibaba's Singles’ Day Growth Lowest Ever: SCMP

The world’s biggest online shopping event recorded a slower pace of annual growth after Alibaba Group swapped the usual razzamatazz of Singles’ Day for a more down-to-earth event that stressed sustainability, the South China Morning Post reported.

Alibaba, (owner of the SCMP) cofounded by Jack Ma, posted a record gross merchandise value (GMV) for this year’s Singles’ Day of 540 billion yuan ($84.5 billion) during the 11-day campaign. That was 8.45% year-on-year growth, but the first single-digit GMV growth since Alibaba created Singles’ Day in 2009.

Created by Alibaba’s chief executive officer Daniel Zhang in 2009, Singles’ Day takes place on November 11 every year. It refers to the four stick-like digits of the day that are a metaphor for guang gun, a slang term for bachelors.

Read the full report: South China Morning Post

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Tags: Alibaba

George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.