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News Worms


Alibaba sales surge to $5 billion in 15 minutes on Singles Day

Alibaba sales surge to $5 billion in 15 minutes on Singles Day

Every year on November 11 (11/11), Chinese retailers offer Black Friday-like discounts for those celebrating their independence.

Alibaba began launching "Double 11" deals in 2009 just as online shopping was starting to explode and trademarked the term "Singles Day" by 2012.

"The run-up to this year's 11.11 looks solid, with 140,000 brands participating, of which 60,000 are global (there were ~11,000 global brands on Tmall at last year's event)", Youssef Squali, an analyst at SunTrust Robinson Humphrey said in a note to clients.

The sales were kicked off by the actress Nicole Kidman and Alibaba founder Jack Ma in a Super Bowl style gala.

More than 130 United Kingdom brands are taking part including Burberry, Marks & Spencer, New Look and LK Bennett.

This year, some Japanese companies plan to launch products and run aggressive sale promotions on China's leading online shopping sites, like those operated by Alibaba. And a year ago, it took the Chinese e-commerce giant a full hour to reach $5 billion in transactions.

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

In 2009, Alibaba made a decision to turn Singles Days into a cybershopping event along the lines of Black Friday in the United States. Alibaba has not only transformed consumer behavior in China, but merchant behavior as well.

Worldpay, the global payments company, said it expects British companies to cash in as the weak pound attracts "an influx of Brexit bargain hunters".

Other retailers will be trying to replicate Alibaba's success on Singles Day.

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