Yesterday, Chinese e-commerce giant Alibaba reported record sales of 25.4 billion dollars during the country’s Singles’ Day celebrations, more than Black Friday and Cyber Monday sales combined.
Archive Photo credit: Reuters/ Channel 2 News
Yesterday (Saturday), Chinese e-commerce giant Alibaba announced that it exceeded its 24-hour sales record, reaching approximately 25.4 billion dollars’ worth of sales during the country’s Singles’ Day celebrations. The previous record, which stood at 17.8 billion dollars, was broken after only 13 hours.
Yesterday’s festivities enjoyed more online sales than Black Friday and Cyber Monday combined. The company reported that it sold one billion dollars’ worth of goods in just two minutes and crossed the 10-billion-dollar threshold in just one hour.
Singles’ Day (11.11) was initially celebrated by university bachelors in the early 1990’s in the city of Nanjing. It quickly became popular with the dawn of the internet and is now celebrated by both sexes. During the day, discounts ranging from 50 to 80 percent are offered on goods ranging from gadgets to diamonds.