Cashing in on China’s emerging 11.11 Singles Day, Alibaba recently crushed the previous one-day online shopping record generating over $20 billion USD in sales. After building hype around its sales event with an 11.11 Singles Day Countdown Gala, the Chinese tech giant made major news recording $12 Billion USD just two hours into its sale. In total, Alibaba made 1.48 billion transactions during the 24-hour sale period and generated $25.3 billion USD crushing its own $17.8 billion USD one-day online shopping record set during last year’s Singles Day. Many are attributing Alibaba’s impressive sales performance to the strength of the Chinese yuan and the growing access to online shopping in China. To learn more about Alibaba’s 11.11 Singles Day sales festival, check out this video recap of this year’s sales event.
For more Alibaba news, learn how Pharrell Williams was part of the Chinese tech giant’s 11.11 Singles Day Countdown Gala.