Amid China's lagging domestic economy, the annual Singles' Day shopping festival has lost its allure for consumers, impacting e-commerce firms and prompting a search for growth overseas.
Alibaba reported that approximately 70,000 merchants experienced sales doubling with global free shipping, indicating a shift towards international markets as domestic sales decline.
Despite participating in Singles' Day, one merchant expressed concerns about higher expenses not yielding returns due to slow sales, highlighting challenges in the current market.
E-commerce platforms are adapting to a sluggish economy by offering promotions like global free shipping and embracing international sales, targeting markets like Singapore and Hong Kong.
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