The Story:
Alibaba, the Chinese technology giant, broke all sales records on its Singles Day shopping festival yesterday, November 11, which is stylized and promoted by Alibaba as the 11.11 Global Shopping Festival 2017.
Jack Ma’s company reported Singles Day sales of $25.3 billion in GMV this year, against $17.78 million during the a similar event last year.
Important Because:
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This record makes Singles Day the world’s largest single-day shopping event by sales volume.
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It represents a 39% volume increase over last year’s Singles Day shopping extravaganza.
This Happened:
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Within the first two minutes, sales volume on Alibaba’s platforms hit a billion dollars
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In five minutes that grew to $5 billion.
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In the first hour Alibaba recorded $10 billion.
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Alibaba surpassed last year’s figure just a little after halfway through the day yesterday, and ended its stellar run with a grand total of $25.3 billion
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Alibaba’s Rival, JD.com, recorded an equally impressive sales volume of $20 billion
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The total sales volume on just Alibaba’s platforms on the day came it at four times that of Black Friday and Cyber Monday online sales in the U.S., combined.
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