Singles' Day: Alibaba Sells $1 Billion of Goods in Eight Minutes
The Chinese e-commerce company Alibaba has beaten its own "Singles' Day"
sales record, selling a staggering $9.3 billion worth of merchandise by
1 p.m. local time.
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During 2014's Cyber Monday—the biggest online shopping day in the U.S.—total sales amounted to $2.4 billion.
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Singles' Day has become a hugely lucrative event for China's retailers.
Also known as "Double Eleven" because it falls on November 11, it is
marketed as an "anti-Valentine's day" and single people are encouraged
to buy themselves presents, often at substantial discounts. Though not a
traditional Chinese festival, the country's government has expressed
its support of the day, part of its attempt to build a
consumption-driven economy.
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Ma's company, which has been promoting the annual event since 2009,
announced this year that there would be over 40,000 retailers and 30,000
brands from 25 different countries selling goods on its website.
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