China’s Alibaba breaks Singles Day record as sales surge

Beijing:E-commerce giant Alibaba has broken its own record for sales on China’s Singles Day, the world’s biggest online shopping event.About half way through the 24-hour-long sale, the site surpassed the 57.1bn yuan worth of sales ($8.96bn; £5.91bn) made during the entire event last year.Alibaba said more than $1bn was spent within eight minutes of midnight, which is when the sale starts.Singles Day is held on 11 November and is a major event for Chinese retailers.The day is also referred to as Double Eleven because of its date. Some 14 hours into the event, the firm said sales had climbed to $10bn (63.6bn yuan) on its China and international retail marketplaces.In comparison, sales on Cyber Monday, which is the biggest online shopping day in the US, hit $1.35bn, according to data analytics firm ComScore.


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