Alibaba Kicks Off Annual Maker Festival In Support Of SMEs

Alibaba Group Holding Limited (NYSE:BABA) kicked off its seventh Maker Festival in Guangdong, China, the province with the maximum Taobao stores, Pandaily reports.
Founded in 2016, the Maker Festival evolved into Alibaba’s flagship event.
This year’s seven-day event brings together established brands and budding entrepreneurs in a day-long entrepreneurship forum on August 24, followed by a showcase of creations from 100 merchants in an offline exhibition from August 26 to 30.
Alibaba shared new support measures for small and medium-sized enterprises (SMEs) on its e-commerce platforms Taobao and Tmall.
For the Maker Festival 2022, Taobao and Tmall will double down on merchant support measures which will center around reducing operating costs.
During the last fiscal year, Taobao and Tmall waived fees on specific platform tools and services to support micro, small and medium-sized enterprises.
On Taobao and Tmall, over 20,000 newly joined merchants generated over 1 million yuan ($145,730) in GMV during the second quarter of 2022.
China’s shopping extravaganza “618” (from May 31 to June 18) registered a GMV of 695.9 billion RMB from the major e-commerce platforms.
The GMV of traditional e-commerce platforms was 582.6 billion, led by Alibaba.
Price Action: BABA shares traded higher by 3.25% at $95.96 premarket on the last check Thursday.
Photo by Rico Shen via Wikimedia Commons