Alibaba Group has obliterated a record for one-day online shopping sales with its Singles Day event that generated an eye-watering $25.3 billion in just 24 hours! A total of 1.48 billion transactions were processed during that period of time.
Why this matters: The previous record was also held by Alibaba when it processed $17.8 billion in sales as part of last years Singles Day. To put these numbers in perspective retailers brought in a record $3.45 billion on Cyber Monday and $3 billion on Black Friday which makes Alibaba’s sales numbers even more astounding.
What is Singles Day?: Singles Day is a Chinese holiday, like a Valentine’s Day for single people, where people are encouraged to treat themselves. The day of shopping brings in more sales than Black Friday and Cyber Monday combined in the US.