Chinese consumers have spent a record CNY35.01 billion ($5.7 billion) in the 11.11 Shopping Festival that is held by e-commerce giant Alibaba. The festival can be compared to Cyber Monday in the United States. Total sales during the event is up 83% from the previous year and 171.4 million orders were placed on Alibaba’s e-commerce platforms Tmall and Taobao.
Nov 11, 2013
Alibaba has sold one trillion RMB worth of goods in 2012. That is the equivalent of $157 billion in gross merchandise volume (GMV). This means that Alibaba has surpassed U.S. e-commerce companies Amazon.com and eBay combined.