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

Alibabakicked off its “Double 11”, the largest annual shopping festival on 21 October2020, with a longer shopping window of 11 days. By November, the final GMV of2020 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, wasinvited 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 evenfaster. “Internationalization is an irreversible trend. China plays animportant role in giving the incentive to global economy,” said by Prof. WU,“China contributes to more than 30% of the global economy rising, leading andpushing the trend of online shopping forward.” This year, over 30,000 overseasbrands participated in the event, using Alipay, Alibaba’s global online paymentplatform. Prof. WU also mentioned that new business models, such as fooddelivery model, has occurred based on the support of well-equipped digitalinfrastructure. He emphasized the significance of the technological innovation,like the cloud-based computing capability and the creativity in logisticssystem.