October 20, 2018
Alibaba Group Holding Limited (NYSE:BABA) officially kicked off the 2018 11.11 Global Shopping Festival in China’s capital, promising this year’s mega-event will be the largest-ever in terms of scale and reach.
Businesses within the Alibaba ecosystem will jointly offer hundreds of millions of consumers an enriching experience that supports their pursuit of high-quality products, entertainment and fast, reliable services. The Festival will also demonstrate the enthusiasm of consumers and brands embracing Alibaba’s New Retail strategy – the convergence of online and offline retail through technology.
“This year marks the 10th anniversary of 11.11. On the back of China’s explosive digital transformation, the Festival’s astounding growth over the past decade has powered the steady growth of quality consumption sought by Chinese shoppers. The evolution also showcases the development of the Alibaba ecosystem over time expanding well beyond e-commerce,” said Alibaba Group CEO Daniel Zhang.
Zhang conceived 11.11 as a concept a decade ago, turning “Single’s Day” on the Chinese calendar into the world’s largest annual shopping event. The first 11.11 in 2009 brought in US$7.8 million in gross merchandise value (GMV). Total GMV generated in 2017 was US$25.3 billion. Over the past decade, China’s number of Internet users has risen to 802 million and 98% of them are mobile1. Alibaba has captured the hearts and minds of these Chinese consumers and expects to keep leading the way in retail innovation.
“Over the last two years, we have pioneered the concept of New Retail to accelerate the digital transformation of the offline. We are excited by the impressive results achieved to date and will continue to be the driving force innovating for merchants and customers in the coming decades. We aim to become both the number-one business partner for brands and the number-one shopping destination for consumers,” Zhang added.
This year, 500,000 items will be available for pre-order on Tmall from October 20. Customers can enjoy additional promotional coupons on Mobile Taobao and Mobile Tmall. Specifically, the 2018 11.11 Global Shopping Festival will have the following features made possible by New Retail and interactive initiatives:
About the 11.11 Global Shopping Festival
The 11.11 shopping festival began in 2009 with participation from just 27 merchants as an event for merchants and consumers to raise awareness about the value of online shopping. Last year, nearly 140,000 brands and merchants participated in the event, with consumers spending RMB168.2 billion (USD25.3 billion) during the 24-hour period. For additional history and facts from last year’s festival, as well as the latest news and updates on the 2018 11.11 Global Shopping Festival, please visit Alizila: http://www.alizila.com
About Alibaba Group
Alibaba Group’s mission is to make it easy to do business anywhere and the company aims to achieve sustainable growth for 102 years. For fiscal year ended March 2018, the company reported revenues of US$39.9 billion.
1According to CNNIC report on Aug 20, 2018