‘Singles Day’ Is Huge: Alibaba on Pace to Top Black Friday and Cyber Monday Sales in One Day
The attention is for good reason — the scale of this event is unparalleled to anything we see in America.
Since the sale kicked off in China this morning at midnight local time, it took 17 minutes and 58 seconds for Alibaba’s gross merchandise volume to hit $1 billion, according to the company. UPDATE: In a little more than an hour, sales have now exceeded $2 billion, with 45 percent coming from mobile.
This year, the company is expected to record about 50 billion yuan ($8.17 billion), a 40 percent increase from last year, reports CNBC, who quoted Ben Cavender, principal at China Market Research Group. Vanessa Zeng, a Beijing-based Forrester senior analyst for China’s e-commerce sector, was even more bullish, estimating that sales could reach 60 billion yuan ($9.8 billion).