China’s biggest E-commerce company, Alibaba Group on 11.11.2015, due to the Shopping Festival - Singles’ Day, hit its new record of 14 Billion US Dollars, which is 91 Billion Chinese Yuans.
So, what is singles day? Singles’ Day, or Double Eleven, 11.11, was started by single college students. But then, in 2009, after that Alibaba initiated this day as a day of huge discounts it turned into big business for all Chinese E-commerce websites like JD.com, Dangdang.com and so on.
Just on the 1st minute Alibaba’s sales reached 1 Billion Yuan, in 10 minutes it was - 10 Billion, after another 10 minutes it was 20billions and almost 100 Billion at the end of the day. More than 57.1 billion yuan (8.97 billion US dollar) compared to the same day revenues in 2014.
Singles’ Day has really became a true shopping phenomenon.
Read also, an interesting story, about Success and Failures of Alibaba Group’s founder and Chairman Jack Ma(Ma Yun) , who is a legend of China.Tags