Alibaba Singles’ Day sales hit whopping Rs 72,000 crore in first hour more than Flipkart, Amazon

Chinese e-commerce giant Alibaba Group Holding Ltd settled roughly 69 billion yuan ($9.92 billion or, around  Rs 72,000 crore) in the first hour of its annual Singles` Day on Sunday, up roughly 21 percent from last year`s early haul of 57 billion yuan.

Singles` Day is the world`s biggest online sales event and last year netted Alibaba 168 billion yuan ($24.15 billion) in total sales.

A disproportionately large number of sales are recorded in the first minutes of the 24-hour spending spree, when transactions are recorded for items that have been put on hold.

Alibaba kicks off the annual event with a gala, which this year featured U.S. singer Mariah Carey, a Japanese Beyonce impersonator and a shoe-shopping-themed Cirque du Soleil performance.

 

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