Chinese Company Sells Over 1 Billion Dollars in Stuff on Singles Day

Chinese Company Sells Over 1 Billion Dollars in Stuff on Singles Day

(Link): Singles’ Day Sales In The United States: Ralph Lauren, Barney’s, Missguided, Clarisonic, And More 

(Link): Singles Day: 4 things to know about the world’s biggest shopping promo

Excerpts:

What is Singles Day?
It’s a 24-hour “festival” that starts Friday. Consumers can find deals on 15 million products from 140,000 brands.

Other shopping “holidays” pale in comparison.

According to eMarketer, online spending in the US on Black Friday totaled $2.74 billion last year. Amazon reportedly generated $3 billion in sales during Amazon Prime Day earlier this year.

How did it start?
The holiday originated in China’s Nanjing University in the 1990s when four friends were lamenting the loneliness and monotony of single life.

Someone — it isn’t clear who — then came up with the idea of celebrating single people on Nov. 11.

The day was chosen because it takes four ones to write out the date, 11/11.

At first, Singles Day was mainly celebrated by men but now both sexes partake in the festivities. Alibaba organized the first Singles Day sale in 2009.

(Link): Chinese Company Sells Over 1 Billion Dollars in Stuff on Singles Daynese Company Sells Over 1 Billion Dollars in Stuff on Singles Day

Chinese e-commerce giant Alibaba said sales topped 10 billion yuan ($1.51 billion) in just over three minutes from the opening of Singles’ Day, an annual online discount sales gala that has become the world’s biggest shopping spree.

Once a celebration for China‘s lonely hearts, Singles’ Day has become a 24-hour extravaganza that outsells Black Friday and Cyber Monday U.S. sales combined, and acts as a barometer for China‘s consumers.

After a star-studded event in Shanghai late on Friday counted down to the sale’s midnight start, Alibaba said gross merchandise volume (GMV) topped 10 billion yuan in a little over three minutes, and had almost doubled, to 19.1 billion yuan, in under six minutes – beating the entire day’s sales in 2012.

Alibaba alone saw $17.7 billion of goods sold on its platform at last year’s Singles’ Day.

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