As per report Chinese e-commerce giant Alibaba announced generation of whopping $30.8 billion in terms of Gross Merchandise Value (GMV) during Singles' Day sale the 24 hour annual shopping event held on November 11, beating the last year's record of $25 billion. Meanwhile around 180,000 brands had participated in the sale on all retail platforms of the company. Apple, Xiaomi, Pampers were among the top brands that were sold to customers spread across 197 countries.
Accordingly the 10th edition of the Global Shopping Festival 11.11, which is also called 'Double 11' event as it falls on November 11, kicked off on Saturday midnight providing huge discounts on goods ranging from diapers to mobile phones. Alibaba has invested in Indian digital payment platform Paytm. Joseph Tsai, Executive Vice Chairman of Alibaba Group said the investment in the payment platform helps them understand the Indian market.
Moreover Alibaba group CEO Daniel Zhang said the Indian market was big and it was seen by many big companies as strategic location. Hence Alibaba will help local companies grow rather than putting business itself there.
