Wednesday, 22 November, 2017

Alibaba's Singles Day sales hit $5B in first 15 minutes

SHANGHAI CHINA- NOVEMBER 10 Blue Man Group performs on the stage during 2017 Alibaba Singles' Day Global Shopping Festival gala at Mercedes Benz Arena Internet giant Alibaba kicks off Singles' Day shopping bonanza with a bang
Mae Harvey | 11 November, 2017, 01:27

"Double 11" or "Singles Day" was created by Alibaba in 2009 as China's online answer to the late-November US "Black Friday" shopping spree, and it draws hundreds of millions of consumers every year.

Then in 2009, sensing a lull between the sales period of China's National Day on October 1 and Chinese New Year in late January or early February, Alibaba's Jack Ma saw an opening: retail therapy to soothe lonely hearts.

That's absolutely massive and puts USA shopping holidays like Black Friday and Cyber Monday to shame. For which we can thank Chinese e-commerce giant Alibaba. This year, Amazon recorded a record $1 billion in sales for its made up holiday and it was the largest single day for sales in the company's history.

This year, some Japanese companies plan to launch products and run aggressive sale promotions on China's leading online shopping sites, like those operated by Alibaba. Each year Alibaba holds a slickly produced live-streamed and televised countdown gala that has become more and more extravagant.

Comparing Single's Day to Amazon's "Prime Day" gives a good idea of the massive scale of the holiday.

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This year's gala is set to features appearances by the likes musicians Pharrell Williams and Jessie J, basketball star LeBron James and tennis player Maria Sharapova.

Vendors are also getting creative to cut through the competition.

But tomorrow, no matter what convention you adopt for writing the day and the month, it will be 11.11.

"If a customer passes away within five years, their immediate family can continue to enjoy the service after providing valid identification", the company's customer service department said, according to the Global Times.

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