$1 billion in the first 85 seconds. Not a bad start to the world’s biggest shopping day. China’s largest company,
Alibaba Group, used televised entertainment featuring Cirque du Soleil Entertainment Group and Mariah Carey to drive awareness. It is reported that Xiaomi Technology, Apple and Dyson products were the top three brands in early sales.
The e-commerce giant is on course to rake in over $25.5 billion in online retail sales today during Singles Day 2018, already ahead of last year, with a few hours to go. That’s more sales than the U.S. Black Friday and Cyber Monday combined. And, it’s greater than Macy’s or Kohl’s annual sales volume.
Celebrating “bachelors” and others not in committed relationships, Singles Day occurs annually on November 11th (11/11) or “double eleven,” because the four numerals “1” represent single people.
Singles Day has already generated 1.5 billion transactions, at a peak rate of 350,000 orders per second. Over 90 percent of sales came from mobile devices.
This year’s event may provide insight into consumer sentiment as a slowing Chinese economy and tariff trade war threaten to dampen the world’s second largest economy. Alibaba reduced its revenue forecast by 6% earlier this month.