Alibaba racks in a whopping $30 billion on Singles Day bonanza

Alibaba breaks its own Singles Day sales record.


Alibaba has broken its record for Singles Day sales. The e-commerce company said that the sales reached $30 billion within 24 hours, breaking the previous record of $24 billion. The retail blitz regularly gains more money than Black Friday and Cyber Monday combined.

Alibaba racks in a whopping $30 billion on Singles Day bonanza


The final tally on Alibaba platforms rang in at $30,802,477,608, which is 27% growth over last year's sales at same exchange rates. Which is underwhelming when compared to the 40% growth in 2017.

A slowdown was expected "given that they have had exponential growth in the past," said Xiaofeng Wang, a Forrester analyst. "As the festival matures and becomes more established, we can expect the growth rate to slow down."

Singles Day in China is celebrated on November 11 for the people who aren't in a relationship - and is meant to symbolize singletons. The company first started offering Singles Day discounts in 2009 and has since made it into a 24-hour event for online shopping in China.

Alibaba isn't the only firm to offer discounts on Singles Day. Other companies like and brick-and-mortar stores also take part. Now the bonanza has started catching eyes outside China. Alibaba's Southeast Asia subsidiary Lazada will offer Singles Day discounts in Singapore, Malaysia, Indonesia, Thailand, and Vietnam.

During the sale, imported goods sale in huge numbers. According to a survey from research firm Oliver Wyman, 57% of buyers are expected to purchase overseas goods during the sale. The most consumers belonged to Japan, the US, and South Korea.

Alibaba is China's largest e-marketplace which was founded by 18 people led by Jack Ma. Now the firm has over 66,000 full-time employees, according to the company's annual filing. The overall evaluation of the company is around $420 billion.

Previously, Alibaba's co-founder and executive Jack Ma was said to retire from the e-commerce company, as he wanted to shift focus on philanthropy in education. However, he will continue to be one of the company's board of directors, while mentoring the management, reported the New York Times.

Most Read Articles
Best Mobiles in India

Read More About: online internet news

Best Phones

Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Yes No
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Gizbot sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Gizbot website. However, you can change your cookie settings at any time. Learn more