Alibaba Group generates USD7bn of GMV in 2 hours

Alibaba Group Holding Limited (NYSE:BABA) has settled more than USD 7 billion (RMB 47.5 billion) of gross merchandise volume (GMV) through Alipay on Alibaba´s China and international retail marketplaces within the first two hours of the 2016 11.11 Global Shopping Festival, the company said.

In the hours up to the official midnight start of November 11, millions of viewers watched the Alibaba Group 11.11 Global Shopping Festival Countdown Gala live online and on mobile devices via Youku Tudou, and the Tmall and Taobao apps. The gala was televised live across China through Zhejiang Satellite TV, as well as in Hong Kong and Macau for the first time.

The 11.11 shopping festival began in 2009 with participation from 27 merchants as an event for Tmall.com merchants and consumers to raise awareness of the value in online shopping. Seven years later, 11.11 has become a global event with participating merchants in the tens of thousands, buyers in the millions, and total sales in the billions.

Alibaba Group´s mission is to make it easy to do business anywhere. The company aims to build the future infrastructure of commerce.