Alibaba surpassed its previous Singles’ Day sales with 268.4 billion yuan ($38.4 billion) on Monday, setting a new record high for the annual 24-hour shopping frenzy.
Now on its 11th run, the shopping festival, held every Nov. 11, marked the first time Alibaba has thrived under a new chief executive officer following Jack Ma’s resignation in September.
In a bid to have more money to splurge on the biggest shopping event of the year, a young woman ate nothing but instant noodles for three straight weeks.
Singles Day or Guanggun Jie is an annual shopping holiday in China where retailers offer huge discounts on November 11, a concept similar to the Black Friday sale in the United States.
Alibaba’s co-founder and chairman Jack Ma tried to show off his skills during Singles’ Day in China, including packaging boxes, modeling clothes, putting on lipstick, delivering packages and tying hairy crabs.
Alibaba bested its previous Singles’ Day record with more than 213.5 billion yuan ($30.8 billion) in sales in this year’s 24-hour shopping frenzy.
As of 5:34 p.m. SIN/HK (4:34 a.m. EST) on Sunday, the Chinese e-commerce giant raked in a gross merchandise value (GMV) roughly 27% higher than last year’s tally, which was also a record at 168.2 billion yuan ($25.3 billion).
Alibaba once again proved its worthiness as China’s king of e-commerce after it smashed a record breaking sale figure of 168 billion yuan ($25.3 billion) at the end of its annual Singles’ Day event.
This year’s event on Nov. 11 far exceeded the company’s Singles’ Day in 2016, which raked in $18.1 billion during its 24-hour sale period, according to South China Morning Post.
An Australian woman was among the many retailers who made bank during the Chinese shopping bonanza that is Singles’ Day.
In just 24 hours, Melbourne-native Danielle Di Pilla made a whopping $1 million on Singles’ Day by selling 350,000 units of her “Goat Soap” to eager Chinese consumers. Priced at $2.99 for a 100 gram bar, the product was a hit in a market saturated with rip-off products, in her second year selling on the Tmall Global platform.
Some Chinese vocational college students found themselves interning at a post company the day after the busy Singles’ Day event on November 11. Their major? Highway transportation management.
As part of their training, 240 second-year students from the Shaanxi Transportation Vocational College where tasked to sort packages for 10 hours a day over the course of two busy weeks, according to CCTV (via South China Morning Post).
China’s Alibaba Group has set another record for Singles’ Day, racking as much as 120.7 billion yuan ($17.79 billion) in sales within 24 hours on Friday. The company, which created the annual shopping holiday on November 11, 2009, has far exceeded last year’s sales of 92.1 billion Yuan ($13.5 billion).
This year, major U.S. retailers and fashion brands such as Macy’s, Calvin Klein, and others have joined the world’s biggest online shopping event not only to earn a quick revenue but also to secure a spot in the fast-growing market.
What was with Singles’ Day, November 11, that cashed in $1 billion for Alibaba in just five minutes?
Singles’ Day, celebrating the joys of — you guessed it — being single, originated in 1993 when college students thought of antagonizing Valentine’s Day.