Singles Day: Alibaba reports record sales, but growth slows
The 24-hour Chinese shopping mega-event known as Singles Day brought in record numbers for the country’s e-commerce giant, Alibaba. But it appears that the growth rate is decelerating.
Alibaba Group Holding Limited reported that the total amount of goods and services sold by vendors (known as gross merchandise volume) over its e-commerce sites rose 24% to a record $17.8 billion this year. Last year, by contrast, sales on Alibaba platforms increased 60%.