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November 12, 2013

Chinese E Shopping exceeds $6billion revenues on Singles Day , creates a world Record

Move over  US Cyber Monday, The Chinese version of Thanksgiving has overtaken  the  U.S  online Retail revenues by 5 times. have spent a record $5.7 billion, snapping up everything from mobile phones to diamond rings on '

As compared to US where  e-retailers set a record last year with Online Shopping spends generated sale revenues  generated $1.465 billion worth of merchandise on Cyber Monday, according to  comScore Inc.But that pales in comparison with the sales today on China’s big online holiday shopping day.

Chinese Singles Day, founded in  1993, (students at Nanjing University declared Nov. 11  as "Singles' Day)  to  dedicated  November 11th  for singles, where  young men and women date celebrate  being" singles.Men and Woman without a "girlfriend or Boyfriend this was the day to " throw a party and shop.

The 24-hour event produced $5.75 billion (35.0 billion yuan) in web sales, nearly double the $3.0 billion (18.3 billion yuan) last year on the two big marketplaces, Tmall and Taobao, operated by Alibaba Group Holdings Ltd., China’s dominant e-commerce company and No. 1 in the Internet Retailer Top 500 Asia.

While Alibaba launched the Singles Day event in 2009 to help promote Tmall, a marketplace it had launched the previous year, it’s grown into a national e-commerce holiday. When all of China’s e-retailers are counted, sales from today’s event could reach $8.2 billion (50 billion yuan), Alibaba estimates.