Jenny Chan 陳詠欣
Nov 13, 2017

Singles Day: 'Olympics of commerce' resets rules for agencies

After this year, 11.11 will replace Chinese New Year as the biggest date circled on the agency calendars.

Chris Tung, chief marketing officer of Alibaba

Here's a recap of the boggling numbers from Saturday's Single's Day shopping event RMB168.2 billion more than US$25.3 billion in GMV gross merchandise volume for Alibaba, plus RMB127.1 billion roughly US$19.1 billion for closest competitor JD during the same sales period. “Today was an Olympics of commerce,” Daniel Zhang, Alibaba CEO, told media on Saturday midnight.

Basic laws of economics don’t always prove to be true,...

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