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Alibaba sales surge to $5 billion in 15 minutes on Singles Day

11 November, 2017, 01:56 | Author: Kristen Ingram
  • Hit Singles

Major Chinese e-commerce company Alibaba Group Holding processed roughly 120 billion yuan ($18 billion in today's exchange rate) worth of online transactions on Singles Day previous year.

The event, originally a celebration of China's lonely hearts, has become the world's biggest online shopping spree, with takings beat those of its USA equivalents, Black Friday and Cyber Monday, combined. Over the years it has transformed into a huge sales event with sites like AliBaba generating roughly $18 billion dollars in revenue in 2016. Also, 60,000 of them are worldwide brands, giving the shopping binge led by a Chinese company more of an global flavour. Alibaba officially kicked off its global shopping festival events on October 31.

They include tennis player Maria Sharapova, soccer player Luís Figo, basketball player LeBron James, movie star Nicole Kidman and pop icon Jessie J, as well as popular local entertainers such as Zhang Ziyi and Li Yuchun.

Alibaba has championed the shopping holiday and, this year, pulled in $12 billion in just the first two hours.

Alibaba is also willing to export the Singles' Day 24-hour shopping concept to the rest of the world as the company has committed to serve 2 billion consumers worldwide by 2036, Tsai said.

Singles Day is a made-up celebration that gained popularity in China as an alternative to Valentine's day. Alibaba has not only transformed consumer behavior in China, but merchant behavior as well.

The shopping day raked in an impressive $17.8 billion, and this year has some wild offers including a lifetime supply of alcohol for $1,673. Alibaba Group President Michael Evans joins Cheddar from Shanghai, China.

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