New sales record by Alibaba..$30.8 billion in a single day

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During the world’s largest online shopping spree known as Singles ‘ Day, Chinese e-commerce giant Alibaba set a new sales record, taking in over $30.8 billion.

The new mark was reached nearly 17 hours after a set by American pop star Taylor Swift kicked off on Monday at midnight. There’s still seven hours to go to new highs.

Chinese 24-hour shopping extravaganza, similar to Black Friday, created more than $1bn in the first minute alone, Alibaba announced. In the first nine hours, sales jumped 25 percent from last year’s same level.

Within 15 hours, gross product revenue was on track to reach $30 billion, nearly half of US competitor Amazon’s net sales throughout the third quarter, and already close to last year’s record sales. Delivery orders for 2019 Singles ‘ Day have already surpassed the maximum for 2017.

This year marks Singles ‘ Day’s 10th anniversary, also known as’ Double 11,’ as it falls on November 11. The practice comes from Chinese college campuses where students have a tradition of celebrating single last year’s 11/11 Singles ‘ Day, a record $30.8 billion (213.5 billion yuan), a massive jump over the $25 billion in sales in 2017. Every year, the phenomenon shattered sales records, beating both US shopping holidays Black Friday and Cyber Monday combined.