Alibaba's 11.11 Shopping Festival Sets Record with Rp 1.206 Trillion in Transactions

Alibaba has once again set a record for transaction value in this year's 11.11 shopping festival. The Chinese e-commerce giant achieved a gross merchandise volume (GMV) of RMB 540.3 billion (RMB1 = Rp 2,233), or Rp 1,206 trillion, during the 11-day shopping campaign.

Compared to last year, this value increased by 8.45% year-on-year (YoY). However, this figure soared by 1,038,938% compared to the first Alibaba 11.11 shopping festival in 2009.

Alibaba Group Vice President Yang Guang stated that 290,000 brands participated in this year's 13th shopping festival. 65% of these consisted of small and medium-sized enterprises, industrial sector producers, and new brands.

Alibaba claims that 78 brands experienced a transaction increase from RMB 10 million in 2020 to over RMB 100 million this year. Furthermore, another 698 brands recorded a transaction increase from RMB 1 million to RMB 10 million.

In addition, Alibaba also recorded an increase in buyer interest from millennials and Generation Z in this year's 11.11. More than 45% of buyers were born in the 1990s and 2000s. Consumers born in the 2000s also increased by 25% YoY.