Alibaba's Singles' Day festival kicks up a storm, crosses $22 bn in 9 hours

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Alibaba's Singles' Day festival kicks up a storm, crosses $22 bn in 9 hours

Chinese e-commerce entity Alibaba’s Singles’ Day reportedly garnered over $22 billion (about 158 billion yuan) in the first nine hours of the e-shopping festival going live on the site. According to the company estimates, this is an increase of around 25 per cent from its previous year’s sales for the same time period (accounting for around 126 billion yuan).

Singles’ Day has been instituted by Alibaba since 2009. In 2018, Singles’ Day sales had surpassed the United States’ Cyber Monday offering significantly. In comparison to Cyber Monday’s sales of nearly $8 billion, Singles’ Day sales had been in the vicinity of $30 billion.

Year-on-year, for Alibaba this meant an increase of around 30 per cent. Yet, according to Alibaba’s analysis, it was the lowest percentage value for its Singles’ Day sales in the decade of its existence. This year, Singles’ Day sales breached the $1 billion mark in 68 seconds.

By the time, the festival was an hour old, sales had totalled around 84 billion yuan marking an upward growth of around 22 per cent in the sales tally of 2018. Singles’ Day is the brainchild of Daniel Zhang, Alibaba’s CEO and Chairman.

The festival seeks to rival Black Friday and Cyber Monday that see massive shopping sprees in the United States. The festival is held on 11th November each year with the four 1s in the date metaphorizing singledom.