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