The launch ceremony of 2018 TMALL Double 11 Global Shopping Festival is held in Beijing, on Oct 19. [Photo/zjol.com.cn]

Alibaba, the Chinese e-commerce giant headquartered in Hangzhou, Zhejiang province, is gearing up for the 2018 TMALL Double 11 Global Shopping Festival, with its launch ceremony held on Oct 19.

Over 180,000 brand merchants across the globe and 20,000 brick-and-mortar stores will offer special discounts of up to 50 percent to users via Alibaba's platforms on the special day.

The shopping carnival, which falls annually on Nov 11, is aimed at spurring purchases on Alibaba's online stores by launching various promotional events.

With just three weeks left before the big day, Chinese merchants on different online platforms are in full swing with their preparations.

More than 500,000 products are available for pre-order on Tmall and Taobao starting from Oct 20. These items are not only offered at very good prices, but the customers will enjoy a 50 yuan ($7.2) off 400 yuan purchases at different stores. Other discounts and coupons are also available on shopping portals.

"Today, the 'double 11' is no longer a festival just for Tmall, but a grand shopping fest for the merchants and consumers throughout China and the world as a whole, as well as an 'Olympic Games' in the business community," said Zhang Yong, CEO of Alibaba Group, adding that the business gala is turning into a cornerstone for the transformation and upgrading of China's real economy.

In 2017, the total amount of sales reached $25 billion over the 24-hour period. Hangzhou, home of Alibaba Group in Zhejiang province, had transactions worth 5.78 billion yuan over the period, closely following Shanghai and Beijing.

Zhang Yong, CEO of Alibaba Group makes a keynote speech at the launch ceremony of 2018 TMALL Double 11 Global Shopping Festival in Beijing, on Oct 19. [Photo/zjol.com.cn]