Why analysts don’t trust GMV, and why they use it anyway
source link: https://technode.com/2021/01/15/why-analysts-dont-trust-gmv-and-why-they-use-it-anyway/
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On Nov. 11, 2019, Chinese people collectively bought more goods online than the population of any country on any other day since the invention of the internet—or of commerce, for that matter.
Known as Singles Day, the promotion is China’s biggest annual online shopping festival, and eclipses the sales of the US’s Black Friday and Cyber Monday combined. In 2020, merchants on online platforms including Alibaba’s Tmall and Taobao, JD.com, and Pinduoduo, sold more than RMB 330 billion (around $51.3 billion) worth of goods in 24 hours, significantly lower than in 2019, according to data from China-based data services company Syntun.
That figure, known as gross merchandise volume (GMV), is equivalent to the price of more than 900,000 China-made Teslas or 6,600 of China’s homegrown passenger jets.
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