(Bloomberg Opinion) — Alibaba Group Holding Ltd. should put its Singles’ Day shopping extravaganza out to pasture.The Nov. 11 annual event, which has been going for a decade, started as a marketing gimmick for an upstart e-commerce company looking to draw a crowd. And it did. The 24-hour shopping period, during which Alibaba and its vendors offer big discounts while celebrities (Taylor Swift this year) jet in to entertain crowds, is focused on one number: gross merchandise value, a fancy word for turnover, or the amount of money that sloshes through the cyber cash registers of the company’s e-commerce platforms.GMV …read more
Source:: Yahoo Finance
