Alibaba Group Holding Ltd, an e-commerce behemoth, witnessed sales of roughly $9.92 billion (69 billion yuan) on Sunday in its first hour of Singles Day which takes place annually. The first hour of sales amounted to 21 percent of last years early haul sales which was 57 billion yuan. The overall online sales for Alibaba’s Singles Day last year was $24.15 billion (168 billion yuan)
Most of the sales took place in the first few minutes of the 24-hour singles day sales. That’s the same time when a transaction is recorded for items which have been put on hold.
U.S singer Mariah Carey kicked off this year’s singles day event followed by a Japanese Beyonce impersonator and a Cirque du Soleil performance.
Jack Ma, the co-founder, and Chairman of Alibaba could be the last time he would be chairman for the Singles Day. In Septemeber, the company made an announcement that Daniel Zhang would take over as chairman of the company next year.
Alibaba has had a steady sales growth despite the 16 percent drop in stock price this year. This was due to the trade tensions between China and the United States.
Alibaba’s investors had a chill earlier this month when the company revised its revenue forecast and said that sales if its big-ticket items would be impacted.
The company said that over 180,000 brands were participating this year in the Singles Day and sales was close to $20 billion until 10 am.