12 November, 2017
With those numbers, not Black Friday, Cyber Monday or Valentine's Day, can compete with Singles' Day as of yet.
E-commerce giant Alibaba on Saturday kicked off its ninth edition of the 11.11 Global Shopping Festival, its annual sales event.
Alibaba reported that sales from Singles' Day amounted to $25.3 billion, a 40 percent jump from last year's figures. Cyber Monday in the United States saw $3.45 billion in online sales previous year.
Alibaba said hundreds of millions of Southeast Asian consumers will be able to access Taobao this "Singles Day". That means total sales for the day could well be double that or more.
The yearly display of rising Chinese consumer spending power has become a key date for manufacturers and retailers in the country, accounting for a significant share of annual orders for many businesses. At its peak, the company's processors handled 256,000 transactions per second.
Couriers and robots are expected to deliver an estimated 1.5 billion parcels over the next six days. With Alibaba setting the benchmark for growth at 39% in just a couple of weeks time we'll know if the western world is keeping pace with China or if it's falling even further behind.
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The GMV figure itself is not direct revenue for Alibaba.
Singles Day takes place every year on 11 November and it's a Chinese festival for young people to celebrate when they are single.
Alibaba is investing heavily in creating an entire user ecosystem encompassing cloud computing, artificial intelligence, automated stores using face-recognition, and is pushing into overseas markets under much-travelled boss Jack Ma, one of China's richest men.
Singles's Day far out ranks the entire Black Friday Weekend in terms of sales, a year ago Single's Day sales were triple the combined total from Thanksgiving, Black Friday and Cyber Monday. It already has a substantial stake in Lazada, an online retailer in South-east Asia and recently launched an electronic trading hub in Malaysia.
"This is just the start".