Alibaba Singles' Day sales race past $ 10 bn in first hour

Nov 11, 2017, 00:52
Alibaba Singles' Day sales race past $ 10 bn in first hour

It is held today, November 11 - or 11.11 - because the "1" is meant to represent an individual not in a romantic relationship.

China's Singles' Day is an entertaining festival widespread among young Chinese people, to celebrate the fact that they are proud of being single.

Alibaba kicked off this year with gala featuring a mix of Chinese and American stars, including musician Pharrell Williams, actress Nicole Kidman and tennis player Maria Sharapova.

Alibaba managed to set another one-day online sales record with the 2016 11.11 Global Shopping Event, generating $17.79 billion in sales.

More than 140,000 brands will participate in 11.11 in 2017, offering 15 million products The Double 11 shopping event will have more than 60,000 worldwide brands that will offer popular items from authentic autographed sports memorabilia to fresh foods and produce to half a billion Chinese consumers. With more global brands participating in the holiday with deals, sales could be much higher than past year, according to Squali.

Adding together the sales from the most recent Prime Day, Black Friday and Cyber Monday in the USA only total 43% of the sales from last year's Single's Day.

However, there is some doubt about the scale of the Singles' Day sales.

Alibaba's sales topped $10 billion after an hour and six minutes.

The offer is significantly lower than the original price of 99,999 yuan, and the actual selling price will be even less than 11,111 yuan after using store coupons and other discounts provided by Alibaba.

Alibaba is up 110% this year.

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