Alibaba makes sales of $1 billion in 5 minutes on Single’s Day

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Chinese e-commerce giant Alibaba Group Holding Ltd. has said that it has been able to make sales of over $5 billion in the first hour of sales as a part of the Singles Day promotions. This converts to roughly Rs. 33,515 crores and this is a third more than what the company had made during the first hour last year.

In the first five minutes itself, the e-commerce giant raked in a billion dollar sale. This is a 24-hour event that happens every year on 11th November with the name of Single’s Day. It gives the ecommerce space an idea of how people have adopted to online purchases, both through PCs and smartphones.

As the name suggests, this sale promotes people without partners to spend and treat themselves with good discounted purchases. The sports stars David Beckham and Kobe Bryant attended the countdown for Alibaba’s Single’s Day this year.

“Back in 2013, CNY 35 billion ($5.15 billion or roughly Rs. 34,523 crores) was our one-day GMV (gross merchandise volume),” said Chief Executive Officer Daniel Zhang in a live micro-blog posting on Alibaba’s event. “Now we can achieve it in one hour.”

Single’s Day was introduced by Alibaba back in 2009 and it isn’t only this store but several other stores who have their promotions live on the same day having the same name. It is also said that the Single’s day sales exceed the Black Friday and Cyber Monday sales combined in the U.S.

Some of the other websites where the sales happen include JD.com, TinyDeal.com, etc.

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