Alibaba reports slower sales growth for its Singles Day shopping event.

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Chinese e-commerce giant Alibaba says its platforms have sold $ 84.5 billion in goods over the period Singles Day Shopping Festival which ended Thursday, up 8.5% from last year, and shows that Beijing’s campaign to tighten regulation of Internet companies has not dampened consumer enthusiasm for online shopping.

However, sales growth has declined since 26% growth that the company reported in 2020 compared to a year earlier.

The number that Alibaba announces each year after its great retail success is the gross merchandise volume, which should reflect the total value of orders. There is no standardized way to calculate this metric in the e-commerce industry, so Alibaba has the freedom to choose the results it reports.

This year’s figure reflects sales from November 1-11. Singles Day was once a 24-hour event, but has become a multi-week extravaganza. Until last year Alibaba title number recorded sales only on November 11.

The Chinese government has taken quick steps over the past year to impose new restrictions on giant internet companies that have long grown without much oversight of their business practices. Beijing now wants the tech industry to compete fairly and contribute more to society. In response, Alibaba contributed to Singles Day this year with a focus on green products and campaigns to help street children and seniors.

Until Thursday, it was unclear if Alibaba would release final sales figures on Singles Day this year. When asked this week by The New York Times, an Alibaba spokeswoman declined to comment. Alibaba’s chief marketing officer Chris Tung said last month that the company’s focus has shifted from pure sales growth to “sustained growth.”

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