Alibaba makes record $10b online sale in one hour

0
178

Alibaba records $10b sale in one hour

Shoppers in China and across the world snapped up hot items including iPhones, furniture and milk powder starting pre-dawn, with Alibaba recording roughly $10 billion in sales in the first hour after midnight.

Singles’ Day, also called “Double 11” is the world’s biggest online sales event, outstripping the sales of U.S. shopping holidays Black Friday and Cyber Monday combined.

The Chinese event was originally a novelty student holiday to celebrate being single, countering Valentines Day, but has since grown into a month-long online shopping festival that peaks with a 24-hour sale on November 11.

This year, the company surpassed last year’s full-day sales record of 168 billion yuan in just under sixteen hours.

Despite the record haul, the annual sales growth rate fell from 39 percent to 27 percent, at the low end of analyst estimates, and the smallest rate in the event’s 10-year history.

It comes as the company is grappling with…



Read More…..NAN