11-11 sales shoots up to $13 billion in first hour: Alibaba

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Alibaba, a Chinese e-commerce giant, said on Monday that sales sky rocketed to 91.2 billion yuan within the first hour ($13 billion) of their annual Singles’ Day shopping spree, recording a 32 percent increase from last year’s 69 billion yuan.

Alibaba Chairman and Chief Executive Daniel Zhang has promoted the Singles’ Day since 2009 and is now evolving to become the world’s biggest online sales event.

The shopping event, commonly known as “Double Eleven”, originated from the calendar date 11/11, referring to the four ones as being single.

Alibaba registered $30 billion dollar worth of sales on Singles’ Day last year. A record of 27 percent in sales growth, the lowest in 10-year history, that forced the company to search for new sales ideas.

The biggest IPO in the US stock market launched this year’s 24-hour shopping fest with performances from American singer Taylor Swift and local celebrities like Jackson Yee.

As history on sales is on the making, this is the first Alibaba’s Singles’ Day that Jack Ma is no longer the chairman of the retail juggernaut following his resignation in September.