BEIJING (dpa-AFX) - Alibaba Group's China commerce retail business, Taobao and Tmall, announced strong growth in Gross Merchandise Volume (GMV) and reached a record number of active buyers during its 16th annual 11.11 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.
The number of 88VIP members who placed orders increased by over 50% year-on-year, as of 12:00 a.m. November 11.
Sixty-six apparel brands and 79 beauty brands surpassed RMB100 million in GMV as of 12:00 a.m. November 11. 34 consumer electronics brands also surpassed RMB100 million in GMV.
The company noted that the new consumption force enabled four designer and collectible toy brands to surpass RMB100 million in GMV as of 4:00 p.m. November 11. 34 sports and outdoor brands surpassed RMB100 million in GMV as of 12:00 a.m. November 11.
Data from Taobao and Tmall's 2024 11.11 Shopping Festival reveals a new milestone, with 589 brands surpassing RMB 100 million in GMV, up from 402 brands last year. Additionally, 45 brands achieved over RMB 1 billion in GMV, including major names like Apple, Haier, Midea, Xiaomi, Nike, and Wuliangye.
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