Retail in Asia

In Trends

Alibaba to smash Single’s Day sales record

Alibaba’s Single’s Day sales are expected to hit a new record this year driven by China’s burgeoning internet population and a growing number of retailers participating in the event, say analysts.

Held on 11 November, Single’s Day – also known as 11/11 – was initially created by young Chinese to celebrate or lament being single, but it has evolved into the biggest 24-hour online shopping event in the world.

Last year, Alibaba booked USD5.8 billion in transactions on the day, more than double the USD1.7 billion sold on the Cyber Monday – the biggest online sales day for the US that falls on the first Monday after Thanksgiving.
 

(Source: CNBC)