Alibaba Singles Day beats Amazon Prime Day

SHANGHAI, China – Alibaba Singles Day surpassed Amazon's biggest shopping day of the year in less than 10 minutes.

Less than 10 minutes in, Alibaba's massive 24-hour online shopping extravaganza had generated more than $ 4.68 billion in sales. About 20 minutes, sales had over 6.5 billion dollars.

In 2017, Alibaba Singles & # 39; Day sales exceeded $ 25 billion.

Although not an accurate comparison, Amazon's total sales are estimated to have peaked $ 4.2 billion over the company's 36-hour Prime Day in July 2018, according to analyst Michael Pachter, Wedbush Securities Inc. Amazon does not release Prime Day sales figures , but the company said it was "the biggest shopping event in the Amazon story", which exceeded sales from Cyber ​​Monday, Black Friday and the former Prime Day.

Total online sales on Black Friday reached $ 5 billion in 201[ads1]7, according to Adobe Analytics data. Cyber ​​Monday sales were around $ 6.6 billion.

Over the last few decades, Alibaba has almost handled Singles Day – November 11 or 11/11 – to a cultural phenomenon and by far the biggest day of the year for online shopping.

The explosive start of Singles Day comes as a small surprise, despite some recent shakes in the Chinese economy. Gross value added tax includes value generated globally across Alibaba's fast-growing ecosystem, which includes, Tmall, and concepts that combine online and offline sales, such as the supermarket chain Hema.

A decade of skyrocketing 11/11 sales are increasing pressure to send ever higher numbers, according to Dr. Daniel Zipser, a senior partner of McKinsey & Company that heads its consumer and retail business in Greater China.

"The whole world looks," in terms of GMV figures, Zipser Business Insider told Saturday.

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