Enterprise Television: $18 billion in 13 hours: World’s biggest e-shopping day
We’re just over halfway through the biggest shopping day on the planet and it’s already set a new record.
Chinese e-commerce giant Alibaba said Saturday that sales soared past $18 billion after roughly 13 hours of the retail blitz known as Singles Day, eclipsing the $17.8 billion it managed in the full 24 hours last year.
Singles Day, a bonanza of online spending in China, has for years racked up more sales than Black Friday and Cyber Monday combined.
Earlier Saturday, Alibaba said eager shoppers had managed to spend $1 billion in just 2 minutes.
Singles Day started out as an informal holiday in China celebrating single people on a day that epitomizes not being paired off: 11/11. Alibaba turned it into a festival of discount deals in 2009.
Alibaba has used the now-massive event to lure international companies onto its platforms. More than 40% of the brands taking part this year came from outside China, according to research firm eMarketer Retail.
And while Singles Day still mostly targets Chinese consumers, it’s also increasingly spreading to other countries, experts say.