Alibaba breaks online shopping records on Singles’ Day

Alibaba

Online shopping transactions generated by Chinese e-commerce giant Alibaba Group Holding Ltd ’s annual 24-hour discount event surpassed last year’s record of 36.2 billion yuan ($5.9 billion) Tuesday with still more than 10 hours to go.

The figure for this year’s Nov. 11 Singles’ Day—the biggest shopping day of the year when many sellers on Alibaba’s marketplaces offer steep discounts—suggests that the event, as it did last year, will likely generate more online sales than the U.S. holiday shopping dates such as Black Friday and Cyber Monday.

Read more as reported by WSJ

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