Alibaba's Singles Day beats Amazon Prime Day

QR codes being produced ahead of the Singles Day shopping festival in Wenzhou China on Oct 24

Online shoppers in China have shattered last year's record of $24 billion in sales on the country's annual buying frenzy Sunday, as the tradition marked its 10th year. China's Singles' Day sales on TMall hit 10 billion yuan (about 1.44 billion US dollars) at just two minutes and five seconds after midnight on Sunday. This year's tally breaks from gloomy forecasts about the world's second-largest economy, which is struggling with a tariff war with the US, a stock market slump and slowing overall growth.

The explosive start to Singles' Day comes as little surprise, despite some recent shakiness in the Chinese economy.

But since its inception, mainly thanks to Chinese tech giant Alibaba, in the last decade Singles' Day has blossomed into the largest shopping holiday in the world.

This year, Alibaba said there were around 180,000 brands participating in Singles' Day, and as of 8.00pm on Sunday, sales were nearing $27 billion.

Less than 10 minutes later, or 12 minutes and 14 seconds into the sale, GMV surged to 36.2 billion yuan, outpacing its 2013 levels. The date was chosen because 11-11 resembles four "bare sticks", a Chinese term for bachelor. The improvised holiday was co-opted by e-retailers in 2009 and transformed into China's version of Cyber Monday, as the Monday after Thanksgiving is known.


Gross merchandise value encompasses value generated globally across Alibaba's swiftly expanding ecosystem, which includes Taobao.com, Tmall, and concepts that blend online and offline sales, like the supermarket chain Hema.

But Ma parlayed that into the world's biggest shopping day by encouraging consumers to treat themselves to heavily discounted sneakers, mattresses and Gucci bags.

The sale covers obvious goods like smartphones, TVs and other big-ticket consumer items, but also fashion, clothing, furniture, health products and more.

Alibaba Group Executive Chairman Jack Ma was present at the gala night for countdown to the Global Shopping Festival 11.11 in Shanghai. "This burst of consumption, confined to just one day, can be exhausting for both buyers and sellers".

Related News:



Most liked

Guardiola defends City over financial fair play allegations
This was further witnessed earlier this year following the adoption of FFP 2.0. Press Association Sport has contacted Arabtec for comment.

Strategy-Shooter Void Bastards Revealed for Xbox One
X018 reveals continue rolling through, and tha latest should whet the appetites of fans of BioShock as well as System Shock 2 . Players will have to make decisions on "where to go, what to do and who to fight", while face-to-face with enemies.

Siakam Scores Career High 23 Points, Carries Raptors Over Knicks
Knicks: New York missed 10 of its first 11 shots from 3-point range and finished 6 for 22 from outside the arc. The Raptors pulled away against the Kings despite 23 turnovers.

Hawkings thesis, wheelchair sell for $1m
The 9-day online event is created to raise money for the Stephen Hawking Foundation and the Motor Neurone Disease Association. The wheelchair was estimated to go for 15,000 pounds but wound up fetching 296,750 pounds.

Churchill's Grandson Slams 'Pathetic' Trump for Skipping World War One Ceremony
Rhodes added that there is always a rain option at these types of events. "Surely the President could have made the drive". An American delegation will attend on...

Child care at this Prince George centre costs only $200/month
All are expected to be in operation by December 1, and cost parents and guardians a maximum of $200 a month per child. The centre is one of more than 50 sites which were chosen to offer low-priced child care to parents in B.C.

Steelers not expecting Le’Veon Bell to return this season
After months of speculation, it appears Le'Veon Bell won't be rejoining the Pittsburgh Steelers this season. The Steelers selected the Michigan State product in the second round of the 2013 NFL Draft.

Tesla names director Denholm to replace Musk as board chair
On October 24, Tesla reported a "historic" profitable quarter driven by demand for its Model 3 auto aimed at the mass market. SEC has also made Tesla agree to oversee any future tweets by Musk that could jeopardize investors' shares in the company.

China Oct exports strong in race to beat tariffs
China's overall trade - what it buys and sells with all countries including the U.S. - logged a $34 billion surplus for the month. The determined development that saw no USA seaborne exports of crude oil to China in August, has continued into September.

Harvard Argues That Interstellar Object Was Alien Probe Investigating Earth
Astronomers first thought the 'Oumuamua was just another comet or an asteroid originating in our Solar System. Unable to agree, they made 'Oumuamua the first member of a new class of thing.

Fly Jamaica Aircraft Suffers Hydraulic Issues Inflight, Overshoots Runway on Landing
The plane barrelled through a chain-link fence before finally coming to a halt at the top of an embankment, Bedessee said. Onboard the flight were 126 passengers, with only six of those passengers suffered non-life threatening injuries.

Woman, 50, arrested over strawberry needle crisis
The woman is expected to be charged on Sunday evening and appear in the Brisbane Magistrates Court on Monday. At the time, a disgruntled ex-employee was thought have sabotaged a strawberry farm on the Sunshine Coast.

Brendan Rodgers hails best home win in Europe BBC Online
Rodgers said it continued the recent improvement in performances from his side and he was particularly pleased at the way they countered Leipzig playing style. "The players fought for every ball and we showed quality when we had it".

First robots, now hoverbikes: Dubai Police begin training officers on fliers
Designers Hoversurf presented the flying contraption to Dubai authorities at GITEX, an annual technology trade fair in Dubai . The hovering cycles cost a massive £114,000 each and can only fly for 40 minutes at a time.

Boston College QB Anthony Brown leaves game injured vs. Clemson
BC's Michael Walker returned a punt 74 yards for a touchdown and Clemson stalled a couple times in the red zone. One day short of a year ago, Brown blew out his knee against North Carolina State.