China's dominant e-commerce firm Alibaba Group Holding Ltd raked in $23 bil...
- China’s dominant e-commerce firm Alibaba Group Holding Ltd raked in $23 billion worth of sales in the first nine hours of its annual Singles’ Day shopping extravaganza on Monday, setting records as the event celebrates its 11th year.
China on its own represents 54.7% of the global e-commerce market, nearly twice the share of the next five countries combined, the report showed. There are also a range of other e-commerce sites that focus on different market segments, such as cosmetics, groceries and home appliances. Many couriers are also part of the Cainiao Smart Logistics Network, majority owned by Alibaba which co-founded it in 2013. Cainiao provides software to and shares data with warehouses, couriers and logistics firms.
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