Overseas expansion

In the meantime, Chinese e-commerce platforms are accelerating steps to expand their global presence to seek new growth engines and reach potential overseas customers.

A report released by global consultancy Bain & Company, said this year's shopping festival had become more international with Chinese e-commerce companies speeding up their overseas expansion and driving rapid growth in international markets.

Alibaba's Taobao launched simultaneous promotions in 20 countries during the shopping spree, which not only demonstrated the global influence of the promotional gala, but also reflected the proactive exploration of Chinese e-commerce companies in overseas markets, the report said.

In the Southeast Asian market, Chinese e-commerce players account for as much as 50 percent of business-to-consumer e-commerce GMV in Indonesia, Thailand and the Philippines.

Beyond the region, Alibaba's cross-border e-commerce platform AliExpress, Shein and Temu have established a solid presence across Latin America, the Middle East and parts of Europe. The global expansion has been fueled by China's preeminence in e-commerce and the speed at which the domestic market continues to evolve, the report said.

Han Weiwen, senior partner and Asia-Pacific retail practice leader at Bain & Company, said Taobao's expansion into 20 markets during this year's shopping festival is a clear sign of Chinese e-commerce globalization, and the scale of China's innovations gives it unique advantages abroad.