Another historic day observed for Alibaba Group Holding Limited as it beat the record of Singles Day 2017 sales.
Alibaba Singles Day 2018 sales crossed $24.15 billion (168 billion yuan) in just 16 hours. Double 11 or Singles Day is the world’s largest online sales event that is outstripping Black Friday, US shopping holiday.
The Chinese event was primarily the student holiday for the celebration of being single, to counter Valentines Day. However, later it transformed into the shopping festival with 24 hour sales on 11th November.
The Chinese e-commerce giant collected around $9.92 billion (69 billion yuan) in the first hour of Alibaba Singles Day 2018. However, it is around 21% higher than the last year’s sale of 57 billion yuan. Diapers, milk powder, smartphones, and electronic items were among the best selling products.
Alibaba crossed the last year’s sales just before 4 pm. However, the sales rate is lower than 2017 when the company broke 2016 record 4 hours earlier at the midday. In 2018, the company said that 180,000 brands participated in Alibaba Singles Day 2018, and at 8 pm sales were around $27 billion.