E-commerce giant Alibaba has recorded new sales record for its biggest shopping day, the annual Singles Day.
The firm hit a record $1 billion in sales in 85 seconds. That was a little below $10 billion in the first hour of the 24-hour spree. In total, customers spent $30.8 billion, up 27% on last year.
Online discounts have been offered on 11 November, Alibaba’s informal holiday for singles, since 2009.
Alibaba Group chief executive Daniel Zhang said the spending bonanza demonstrated customers’ continued pursuit to upgrade their everyday lifestyles.
Alibaba invented the occasion to celebrate Singles as a reverse to the romantically involved on Valentine’s Day.
The event is now the world’s biggest online sales event and this year’s total was more than Black Friday and Cyber Monday’s totals combined, according to Bloomberg.
Last year, the Chinese company expanded the event to the Western market, with downloads of its app Ali Express surging in the US and UK.
The November sale event is expected to be founder Jack Ma’s last at the helm of the company. The current chief executive will take over as chairman next year, Alibaba announced in September.
Source: Africafeeds.com
