Alibaba hits a record $1bn in sales in 85 seconds, and then just shy of $10bn in the first hour of the 24-hour spree
E-commerce giant Alibaba has set new sales records on Sunday for its biggest shopping day, the annual Singles Day.
The Chinese company hit a record $1bn in sales in 85 seconds, and then just shy of $10bn in the first hour of the 24-hour spree.Alibaba also beat its 2017 revenue total, $25.3bn, with several hours still remaining.
Online discounts have been offered on 11 November, Alibaba’s informal holiday for singles, since 2009.
The shopping festival is projected to hit over $32bn this year, according to a report by the global app market data provider App Annie.
The event was kicked off on Saturday with a gala featuring US singer Mariah Carey, a Japanese Beyoncé impersonator and a shoe-shopping-themed Cirque du Soleil performance.
What is Singles Day?
Alibaba invented the occasion to celebrate the unattached as an antithesis to the romantically involved on Valentine’s Day.