Alibaba Group Holding Ltd BABA's Singles' Day once again has been a massive success, generating an amazing $1 billion in just the first four minutes and 54 seconds of the launch. 2016 is expected to be the biggest Singles' Day ever, which is now considered the world's biggest shopping event.
College students invented the holiday in the '90s as a counter to Valentine’s Day. Singles' Day has been utilized as a barometer of the Chinese economy; within the first two hours of the global shopping festival, over $7 billion of gross merchandise value was generated.
2016’s Singles' Day saw the company bring out all the stops, enlisting Kobe Bryant, David Beckham and Scarlett Johansson to promote the event.
Singles day generated $14.3 billion in sales in 2015, making it a bigger event than Black Friday.
Singles' Day Performance By Year
- 2012: $3.1 billion.
- 2013: $5.7 billion.
- 2014: $9.3 billion.
- 2015: $14.3 billion.
$5.2 billion in transactions have already been processed through Alibaba’s third-party payment service, Alipay. Despite the massive success Alibaba is seeing this year, its stock was down 1.46 percent at $92.96 at last check in Friday's pre-market session.
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