Published: Sun, November 11, 2018
Markets | By Otis Pena

Alibaba Singles Day smashes $25 billion sales record

Alibaba Singles Day smashes $25 billion sales record

Singles Day, the world's biggest shopping extravaganza, seemed set to break records again as Chinese e-commerce giant Alibaba - the extravaganza's driving force - beat last year's record with eight hours of shopping left to go on Sunday.

Alibaba had already generated more sales - $4.68 billion - just 10 minutes into Singles' Day 2018 than Amazon is estimated to have reached during its record-setting 2018 Prime Day event. 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.

Indeed, Alibaba slashed the price of its Tmall Genie speaker from RMB499 ($74) to RMB99 ($15) during Singles' Day 2017 to drive sales.

The Alibaba Group surpassed last year's Singles' Day record with more than eight hours to go before the end of the 24-hour shopping festival, cementing its position as the world's biggest retail event and assuaging concerns that Chinese consumer sentiment is softening, Hong Kong-based South China Morning Post, which is owned by Alibaba, reported.

The company settled roughly 69 billion yuan ($9.92 billion) in the first hour of Singles' Day on Sunday, up roughly 21% from last year's early haul of 57 billion yuan.

Media captionAlibaba Singles Day: Dollars or data?

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Singles' Day, also called "Double 11" is the world's biggest online sales event, outstripping the sales of US shopping holidays Black Friday and Cyber Monday combined.

Singles Day "is not a day of discounts, but rather a day of gratitude", Ma said in the video.

Here is a history of Singles' Day through the years. "It's when retailers use the best products and best prices to show their gratitude to our consumers".

This is huge for the e-commerce platform, and it had racked in over $1 billion in just a minute and 25 seconds. They are also integrating their products with smart-home offerings. Alibaba's Tmall hosts a national television gala on November 10 with a countdown to the midnight start of Singles' Day that gives the event a New Year's Eve at Times Square feel. The sale is a one-day long event.

The occasion also has big environmental implications.

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