In today s Singles Day sale in China, Alibaba has broken all its previous sales records. It crossed $6.35 billion in 15 hours, which more than what it managed to notch in the entire day last year, TechInAsia reports. Also Read - Jack Ma's Alibaba fined record $2.7B by ChinaAlso Read - Ant Group ordered by China to reexamine its fintech businesses and return to its roots as a payments service
In the 15 hours since the sale kicked off, Alibaba sold nearly 39 billion yuan ($6.35 billion approximately) worth of goods, which as mentioned above is more than what it managed to notch in the entire day last year 35 billion yuan ($5.70 billion). Breaking down the numbers further, Alibaba sold goods worth $1 billion in an impressive 17 minutes. In just above an hour it had touched $2 billion as well. Also Read - India bans 43 more Chinese apps over security concerns
China s Singles Day sale is now considered to be the biggest online shopping festival in the world. Last year, the total online sale in China on Singles Day hit $8 billion, which is more than double of the combined sales in the US on Black Friday and Cyber Monday. To put further perspective into the scale of Singles Day, Flipkart managed to rake in $100 million in 10 hours on its Big Billion Day sale earlier this year.
The Singles Day in China is celebrated for the past two-decades by China s bachelors. The festival falls on November 11, which is written as 11/11 depicting four singles. The festival, which in a way is China s anti-Valentine s Day, sees people exchanging gifts. Alibaba morphed the festival into a multi-billion dollar online shopping festival in 2009. Since then the Singles Day sales have grown by a whopping 5,740 percent from 2009 to 2013.