China’s Singles Day Is Massive Record Breaker for Alibaba (BABA)

Alibaba (BABA) has reported record sales during its Singles Day shopping event.

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Singles Day is basically China’s version of Cyber Monday and Alibaba reported sales of $14.32 billion for it this year. This represents a 60% increase from sales made during the event last year, reports NBC News.

Singles Day didn’t originally start out as a shopping day. Instead, it was a small day for those that weren’t in relationships to celebrate. However, in 2009 Alibaba put forth efforts to turn it into the event that it now is. The shopping holiday has grown larger than Black Friday and Cyber Monday combined, NBC News notes.

Other online retailers in China join in on Singles Day to profit from customers, but it’s Alibaba that really pulls in the shoppers. It’s estimated that 90% of sales from Singles Day 2014 went to the online retailer, reports CBS News.

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Article printed from InvestorPlace Media, https://investorplace.com/2015/11/alibaba-singles-day-baba/.

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