Most people think sales are only done off-line, that is the market we see and other shopes. But see today’s breaking news as Alibaba breaks Singles Day record, Makes $5billion in 90mins.
The firm said sales surpassed the record amount of $9.3bn (£6.1bn) made last year in just over half the time.
Singles Day, also known as Double Eleven because it is held on 11 November, has become a major annual event for Chinese retailers.
Alibaba said more than $1bn was spent within eight minutes of midnight.
Within the first hour, it had made $3.9bn (£2.bn) in sales, almost double the amount spent in the same time period of the event last year.
In comparison, sales on Cyber Monday, which is the biggest online shopping day in the US, hit $1.35bn, according to data analytics firm ComScore.
Singles Day- Alibaba
share of China’s total online shopping market
- 120,000 estimated orders each minute on 2015 Singles Day
- 73% of purchases in first hour made via mobile phone
- 12 hours time taken to beat 2014 whole-day record of $9.3bn
To read more visit BBC Business Today