Alibaba Singles' Day sales race past $ 10 bn in first hour

Alibaba Singles' Day sales race past $ 10 bn in first hour

Alibaba Singles' Day sales race past $ 10 bn in first hour

Alibaba Day, known as the "11.11 Global Shopping Festival", is the largest e-commerce day in the world, driven by the main Alibaba platform, Tmall.

That's absolutely massive and puts USA shopping holidays like Black Friday and Cyber Monday to shame.

Historically, Chinese singletons have celebrated November 11 as Singles Day - because numerically it is written as 11/11.

Adding together the sales from the most recent Prime Day, Black Friday and Cyber Monday in the United States only total 43% of the sales from last year's Single's Day.

Alibaba said gross merchandise volume (GMV) exceeded 10bn yuan (£1bn) in a little over three minutes and the total had reached 19.1bn yuan in under six minutes - more than the entire day's sales in 2012.

With a focus on retail as entertainment, this year is expected to be bigger with more add-ons including augmented-reality games, shopping tours and virtual fitting rooms.

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The Alibaba 11.11 (Singles Day) online shopping event kicks off at midnight in China.

Singles' Day is a holiday created to serve as an alternative to Valentines Day in China. Impressive until you compare it to the $17.6 billion in sales generated by Chinese consumers in a single 24-hour period during 2016's Singles Day.

The countdown toward Singles Day has become a cultural event. In the first hour of Singles Day previous year, about 175,000 hours per second came in.

This year's gala is set to features appearances by the likes musicians Pharrell Williams and Jessie J, basketball star LeBron James and tennis player Maria Sharapova.

The agreement also says that if the company folds anytime within 30 years of the purchase then the lifetime supply will be voided.

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