Alibaba breaks ‘11.11’ records, pilots AI search engine for businesses – Chain Store Age
Alibaba Group is reporting a successful Global Shopping Festival sales extravaganza and AI-enabling search for business-to-business buyers and sellers on its platform.
As usual, Alibaba Group Holding Ltd. did not release specific sales figures for its 16th annual 11.11 Shopping Festival (also known colloquially as “11.11” or “Singles Day”), but its Taobao and Tmall Group China commerce retail business announced robust growth in gross merchandise volume (GMV) and a record number of active buyers.
Highlights from Taobao and Tmall’s 2024 11.11 Shopping Festival include a record 589 brands surpassing roughly $13.8 million (or 100 million Chines yuan) in GMV, up from 402 brands that did so in 2023. Forty-five brands exceeded roughly $138 million (or 1 billion Chinese yuan) in GMV, including Apple and Nike.
In addition, the number of members of the 88VIP Taobao and Tmall loyalty program who placed orders increased by over 50% year-over-year. Sales cover the period from Oct. 14 – Nov. 11,…
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source: https://news.oneseocompany.com/2024/11/12/alibaba-breaks-1111-records-pilots-ai-search-engine-for-businesses-chain-store-age_2024111258997.html
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