Chinese e-commerce giant Alibaba's annual Singles' Day sales hit $23 billion in first nine hours by horwitzjosh
) on Monday said sales for its annual Singles’ Day shopping blitz hit 158.31 billion yuan in its first nine hours, up 25% from 126.72 billion yuan at the same point last year.
Also known as “Double Eleven”, the festival’s name originates from the calendar date Nov. 11, with the four ones of 11/11 signifying being single.Alibaba netted sales worth $30 billion on its platforms on Singles’ Day last year, dwarfing the $7.9 billion U.S. online sales for Cyber Monday. Yet the 27% sales growth was the lowest in the event’s 10-year history, spurring a search for fresh ideas.
Sales hit $1 billion in the first minute and eight seconds and reached 84 billion yuan in the first hour, up 22% from last year’s early haul of 69 billion yuan.
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