Alibaba Hits $1bn in Sales in 17 Minutes of Singles Day

1719 People Viewed - about 36 months ago World

The company is going nuts!

Alibaba Group brought in $2 billion within the first hour of local holiday Singles Day.

Alibaba Group brought in $2 billion within the first hour of local holiday Singles Day, a day known as an anti-Valentine’s day in China, which is marked by parties and outings for single people -- as well as a torrent of online shopping.

What’s more, the first $1 billion in gross merchandise volume was settled through payments app Alipay within the first 18 minutes.

And the Chinese e-commerce giant is excepting to make $8.2 billion in total from this holiday, which would mark a 43 percent increase from $5.75 billion in 2013.

That would also make the 11.11 Shopping Festival handily surpass the U.S.’s Black Friday as the world’s most lucrative online shopping day, and it is well on its way to becoming the most profitable manufactured holiday in history.

Alibaba is excepting to make $8.2 billion in total from this holiday.

Singles Day began in the early 1990s, and it's a numerological holiday: it celebrates the four 1s in the date, 11/11. However, Alibaba adopted it to boost sales in 2009. Since then, it has gone on to become a massive day of sales for China's fast growing e-commerce market.

The company recently went public in the U.S. with a market capitalization of $230 billion — larger than Amazon and eBay. It holds the title of the largest IPO of all time, having raised $21.8 billion.

What's Hot
More Trending News
  • Facebook
  • Tweet
  • Pinterest