Singles' Day, the annual online shopping event from Chinese giant Alibaba, has broken last year's record of $30 billion in sales within the first 16.5 hours of the 24 hour event. Sales hit $1 billion within the first minute and eight seconds, and Alibaba expects over 500 million users to make purchases during this year's event. For perspective, the online shopping event brings in the equivalent of over 80% of Amazon's online store sales from the last quarter in just 24 hours.
Singles Day Facts:
Singles Day began in 2009 and is today by far the biggest online sales event worldwide, regularly beating out Black Friday and Cyber Monday sales combined (Cyber Monday in the United States took in $7.8 billion last year). This is the first time the event is being held without Alibaba co-founder Jack Ma, who stepped down this September as chairman to "start a new life."
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