Alibaba bags $7bn sales so far on Singles' Day Bonanza

Global eCommerce giant, Alibaba so far bagged nearly $7bn of sales on its Day shopping bonanza in China, says a BBC report.
Alibaba bags $7bn sales so far on Singles’ Day Bonanza

Global eCommerce giant, Alibaba so far bagged nearly $7bn of sales on its Day shopping bonanza in China, says a BBC report.

Reportedly, the brand has received $2 billion of sales in the first hour of its annual offer event. So far, it’s the world's biggest retail event as it went global for the first time.

Significantly, Alibaba has been promoting the Single day shopping bonanza on November 11 year-on-year and has been named for the number of ones in the date since 2009, as it aims to tap an expanding army on Internet shoppers in China.

Confirming the news, the eCommerce giant unveiled that their sales amount is more than a third of the $5.8 billion full-day sales, recorded last year on the same day.

As per the Internet analytics firm comScore, Singles Day already surpassed major shopping festivals in the US in terms of transaction value last year, toppling the combined sales of $3.7 billion recorded on Thanksgiving Day, Black Friday and Cyber Monday.

Besides, this November 11 has been marketed as an ‘anti-Valentine's Day’ in China, featuring hefty discounts to lure the country's singletons and price-sensitive buyers. It has been expanded globally this year, to include overseas merchants and customers.

Expectedly, the Chinese online retail giant has to go a long way as the sale is on still.

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