Single’s Day: Alibaba rakes $1 billion under 5 minutes
BEIJING: Alibaba Group Holding Ltd’s Singles’ Day sales surged past last year’s 91.2 billion yuan ($13.36 billion) total with nearly nine hours left on the clock, but growth was markedly slower than in 2015 as shoppers sought even bigger price cuts.
Amid fanfare and celebrity razzmatazz, sales on Alibaba’s platforms had raced to a billion dollars in under five minutes and within the first sixty minutes had passed $5 billion – a third faster than 2015 as the e-commerce giant looked to shrug off a domestic economic slowdown and a US accounting probe.
The 24-hour event held annually on November 11 offers a benchmark for Alibaba’s performance and an insight into China’s swing to online shopping, especially via smartphones. Launched in 2009, Alibaba’s version of the event was designed to encourage consumers without a partner to treat themselves.
Hyderabad – 22 mins ago -Follow
That”s a humongous amount. India has a lot to catching up with powerhouse like China!!
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Hyderabad – 27 mins ago -Follow
Billion dollar in just 5 minutes and $5 bn in an hour. Its a incredible feet achieved by Alibaba.
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43 mins ago -Follow
Next year it will break another record.
Its sometime high
Too big an amount……what a business in 5 minutes..??