Online retailer Alibaba says it’s sold more than 6 billion USD worth of goods so far during Singles’ Day, or “Double 11”, a non-official holiday that has become the country’s biggest online shopping day of the year.
Frenzied shoppers jumped on discounted items at record pace, checking out with around 2 billion USD worth of items within just the first hour of Singles’ Day, BBC reports.
Last year, the day of singledom brought in a total of 35 billion RMB, the smallest of potatoes compared to what spenders are expected to drop by the end of today.
More than 39 billion yuan ($6.4 billion) worth of goods was sold on the e-commerce giant’s websites 15 hours into the event on Tuesday, with another nine to go.
Less than eight weeks after its public share listing in New York, which set its own $25 billion record, expectations for this year are high. […] Tech research firm IDC predicts this year’s total gross merchandise volume (GMV) will reach $8.62 billion.