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(Bloomberg Opinion) -- Alibaba Group Holding Ltd. should put its Singles’ Day shopping extravaganza out to pasture.The Nov. 11 annual event, which has been going for a decade, started as a marketing gimmick for an upstart e-commerce company looking to draw a crowd. And it did. The 24-hour shopping period, during which Alibaba and its vendors offer big discounts while celebrities (Taylor Swift this year) jet in to entertain crowds, is focused on one number: gross merchandise value, a fancy word for turnover, or the amount of money that sloshes through the cyber cash registers of the company’s e-commerce platforms.GMV grew more than 4,000 times between 2009 and 2018, hitting $30.8 billion last year. But the metric is meaningless. There are ways to juice the figure, and it has almost zero correlation with Alibaba’s revenue or profit. In fact, Alibaba stopped reporting GMV in its quarterly financials two years ago (though it still references growth...
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