The article in the Securities Daily comes a day after the annual shopping blitz spearheaded by Alibaba Group (BABA), which recorded 540.3 billion yuan ($84.5 billion) in orders over the 11-day event.
The newspaper said the event had achieved many years of record breaking sales, but had also given rise to practices such as spam text messaging of users, unfair competition and merchants faking discounts. The model had become one in which it was hard to achieve “breakthrough innovations,” the paper said.
By using low prices as a selling point, platforms and merchants were stimulating “low-level” consumption, which was in not…
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