Singles' Day: Alibaba Has A Record-Breaking Start

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Singles' Day: Alibaba Has A Record-Breaking Start
November 11, 2016

E-commerce giant Alibaba has reported a record start to China's Singles Day, the world's biggest online shopping event. Sales hit $5bn (£4bn) in the first hour, the firm said, though that total included pre-orders made by customers who could "lock in" prices.

 

It took 90 minutes to hit that milestone in 2015, which went on to see sales of $14.3bn through the day. Alibaba said 85% of early purchases had been made on mobile phones.

 

The company has also been experimenting with new technology including augmented reality and virtual reality to give shoppers other ways of buying items.

 

Singles Day is held every year on 11 November. The day is also referred to as Double Eleven because of its date. Originally claimed as a celebration for China's young singletons, Alibaba turned it into a shopping bonanza in 2009.

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