Wednesday, November 11, 2015

Alibaba breaks Singles Day record as sales

E-commerce giant Alibaba has broken its own record for sales on China's Singles Day, the world's biggest online shopping event.

The firm said sales surpassed the record amount of $9.3bn (£6.1bn) made last year in just over half the time.

Singles Day, also known as Double Eleven because it is held on 11 November, has become a major annual event for Chinese retailers.

Alibaba said more than $1bn was spent within eight minutes of midnight.

Within the first hour, it had made $3.9bn (£2.bn) in sales, almost double the amount spent in the same time period of the event last year.

Singles Day has grown tremendously since Alibaba began promoting it as a shopping day in 2009, and now includes many retailers such as rivals JD.com that stage sales promotions.

This year, Alibaba said there would be more than 40,000 merchants and 30,000 brands from 25 countries selling goods on its platforms, according to BBC. -amh
More News thefinancialexpress-bd

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