The Chinese company Alibaba just celebrated Single's Day, a sale that this year racked in more than $25 billion. While that's only half the growth rate previous year, the event still dwarfs others such as Black Friday and Cyber Monday. Total sales for the 24-hour period were US$25.3 billion.
Promoted by Chinese e-commerce giant Alibaba, which claimed more than a million retailers worldwide took part this year, including for the first time United States department store Macy's, each year on 11 November companies offer discounts on a range of products for a limited 24-hour period.
Singles' Day is not such a big deal in Western Europe, but the originally Chinese celebration of the bachelor has turned into an awe-inspiring purchase spree.
With this being Alibaba's first year owning the majority of Cainiao, the analyst pinpoints delivery orders flew up from 657 million to 812 million, and he deems this delivery network gives BABA an upper hand against its rivals; especially taking under account the e-commerce platform's latest $15 billion reveal of plans to create more capacity.
On this day 11th November named as Singles' Day, Alibaba offers discounts on various set of products.
The firm estimates that retail ecommerce sales in the country will total $1.13trn by the end of this year, and grow to $2.7trn by 2021.
While veterans were recognized in the US and those fallen in the Second World War were to be remembered in Europe, in China, this November 11 was to celebrate singles.More news: U-Tennessee Sacks Saugatuck's Butch Jones as Grid Coach
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Singles Day was begun by Chinese college students in the 1990s as a version of Valentine's Day for people without romantic partners.
To connect a 10th of China's six million convenience stores to the internet, Alibaba uses an app called Ling Shou Tong, meaning "connect retail".
So over the weekend, the ninth version of this co-opted observance took place, and Alibaba says more than a million retailers around the world took part.
EHS attributed the strong growth to the increasing popularity of the Singles' Day shopping event in Taiwan.
For comparison, merchants pulled in a record $3.34 billion on Black Friday and $3.45 billion on Cyber Monday in 2016, according to Adobe Digital Insights.
At just past the halfway mark, the headline gross merchandise volume swept past last year's dollar total just shy of $18 billion.