Hangzhou, 12th November: The Alibaba Group, the largest e-commerce company in China, announced that the company generated US$74.1 billion of gross merchandise volume (GMV) during its 2020 11.11 Global Shopping Festival. The event is also known as “Singles Day.”

This year, the festival featured two shopping windows, the first running from 1st to 3rd and the second for 24 hours on 11th November. Total GMV was calculated from 1st to 11th November. The figure doubled last year’s record of US$38.4 billion.