The giant screen shows sales on Alibaba's e-commerce platform Tmall exceeded 372.3 billion yuan ($56.29 billion)  in Alibaba Group's Xixi Park in Hangzhou, east China's Zhejiang Province, Nov 11, 2020. 

As the world's largest shopping festival, Double-11 is of great significance. According to Alibaba, the total gross merchandise volume (GMV) of the 11-day campaign had exceeded 372.3 billion Chinese yuan ($56.3 billion) by 00:30 on November 11. Major brands from all over the world have prepared enough goods for this online shopping bonanza.

With its strategic victory in the fight against COVID-19, China's social life is basically back to normal, and Chinese consumers are ready to reward themselves.

In order to seize opportunities, China's major e-commerce platforms started pre-sale activities a few days before November 11. Just after 00:00, November 1, the major players received a large number of online orders during pre-sale activities.

Alibaba and its competitors, JD.com and Pinduoduo, witnessed great business within minutes after the opening of the festival, regarded as a symbol of China's consumption recovery.

In the third quarter, China's economy grew by 4.9 percent, the best performance among the world's major economies. The sustained recovery of consumer spending is the key to the country's economic recovery.

Compared with previous festivals, this year's Double-11 has many highlights. Firstly, live-stream e-commerce is undoubtedly the most eye-catching feature, and it's also the new mode of e-commerce with the most rapid development.

A large number of celebrities have flooded into the field of live-streaming, which has penetrated many parts of the business world and consumers' lives.

The development of e-commerce has impacted people's consumption patterns in a big way, the most prominent of which is the improvement in the quality of consumers' lives.

For example, the diversification of demand has improved significantly, and the choices of goods and services have subsequently increased, which shows a consumer-centered transformation of the supply side of e-commerce.