Insta
Chinese E-Commerce Giant Alibaba’s Singles’ Day Sales Hit $22 Billion In First Nine Hours
Swarajya Staff
Nov 11, 2019, 12:10 PM | Updated 12:10 PM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
In just nine hours of its annual Singles’ Day shopping blitz, Chinese e-commerce giant Alibaba Group Holding Inc sold items worth 158.31 billion yuan ($22.63 billion), which is 25 per cent more than the last year, the company said, reports Times Of India.
On the lines of Black Friday and Cyber Monday in the United States, Singles’ Day has been promoted as a shopping fest by Alibaba chairman and chief executive Daniel Zhang since 2009.
Since then it has grown rapidly to become the world’s biggest online sales event.
Also known as “Double Eleven”, the festival’s name originates from the calendar date 11 November, with the four ones of 11/11 signifying being single.
Alibaba market value is $486 billion, and the year’s 24-hour shopping fest has been promoted by American pop star Taylor Swift and local celebrities.
This year also marks for the first time Alibaba’s Singles’ Day will go ahead without its founder Jack Ma who resigned in September as chairman to “start a new life”.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.