Singles’ Day is also known as 11.11 or double 11, however, in 2009, Alibaba established this day into the “11.11 Shopping Carnival”. After 12 years, “Double 11” was proved to be a greatest victory for all retailers, especially in southeaster Asia.

Alibaba kicked off its “Double 11”, the largest annual shopping festival on 21 October 2020, with a longer shopping window of 11 days. By November, the final GMV of 2020 Double 11 Global Shopping Festival is 498.2 billion yuan.

Prof. WU Xiaobo was interviewed by CGTN XU Mengqi

Prof. WU Xiaobo, Director of Faculty of Social Science at Zhejiang University, was invited by CGTN to witness and give remarks on this year’s shopping gala. Prof. WU stated that after COVID-19, China’s e-commerce has been developing even faster. “Internationalization is an irreversible trend. China plays an important role in giving the incentive to global economy,” said by Prof. WU, “China contributes to more than 30% of the global economy rising, leading and pushing the trend of online shopping forward.” This year, over 30,000 overseas brands participated in the event, using Alipay, Alibaba’s global online payment platform. Prof. WU also mentioned that new business models, such as food delivery model, has occurred based on the support of well-equipped digital infrastructure. He emphasized the significance of the technological innovation, like the cloud-based computing capability and the creativity in logistics system.

Live: Witness the final sales number for Chinas Double 11 shopping festival