The 11.11 shopping festival is here again, and Alibaba recorded GMV of CNY 372.3 billion (US$ 56 billion).
This is more than twice the number of the whole day of 2017’s 11.11. And of course, a lot of operations went behind it, including nudging users to select goods, add to cart, and make payment at the designated timings.
However, an interesting thing happened around the same time. Major Chinese tech stocks have recorded the second straight day of steep declines:
And the trend reversed after 11.11 is over, with major stock prices rising sharply today. Of course, this is highly correlated with the recent market turbulences in the US, but a joke in China goes like this:
Alibaba and its peers have decided that not only their merchandise should have a “buy 300 Yuan, get 40 Yuan of discount”, their stock price should do.
And the discount is only limited to 11.11. We hope.