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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.
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 JD.com 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.