This November 11th, China’s Singles Day broke sales records.
According to data released by Alibaba, the Paypal-like Tmall Alipay transactions hit 100 million yuan ($16.42 million) within the first fifty-five seconds of this year’s sales event. Sales exceeded 17.52 billion yuan ($2.876 billion) around noon, and a whopping 35 billion yuan ($5.746 billion) in sales by the end of the day, breaking last year’s record. Alibaba’s websites alone sold more than $3 billion worth of goods on last year’s Singles Day.
“Thirty billion yuan is not a surprise. What we care more is something behind the figure, such as helping more companies build their capabilities and benefiting the whole society through a variety of economic operation.” said Jack Ma, Executive Chairman of Alibaba Group.
This year, the largest single transaction was made by a woman who spent 20.5 million yuan ($4.1 million) on a 13.33 karat diamond. Electronics, apparel, baby products and financial products are among the most sought-after categories. Chinese smartphone maker Xiaomi was one of the big winners with its single store sales reaching 100 million yuan ($16.4 million) for the first time.
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