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SHANGHAI, China – Alibaba Singles Day has surpassed the biggest shopping day of the year on Amazon, in less than 10 minutes.
Less than 10 minutes later, the large number of online stores offered by Alibaba had generated more than $ 4.68 billion in sales. In twenty minutes, sales had exceeded $ 6.5 billion.
In 2017, Alibaba's single day sales exceeded $ 25 billion.
Although this is not an exact comparison, Amazon's total sales would have surpassed the $ 4.2 billion on the company's 36-hour premium day in July 2018, according to Michael Pachter, an analyst. of Wedbush Securities Inc. Amazon does not publish sales figures for Prime Day, but the company said that it was "the largest Amazon's history shopping event." , Surpassing Cyber Monday, Black Friday and the previous Prime Day sales.
Total online sales at Black Friday reached $ 5 billion in 2017, according to data from Adobe Analytics. Cyber Monday sales were approximately $ 6.6 billion.
Over the past decade, Alibaba has almost single-handedly turned the Singles Day – November 11 or 11/11 – into a cultural phenomenon and by far the biggest day of the year for online shopping.
The explosive start of Singles Day is hardly surprising, despite the recent turmoil in the Chinese economy. The gross value of the goods encompasses the value generated worldwide in Alibaba's growing ecosystem, which includes Taobao.com, Tmall and concepts combining online and offline sales, such as the chain of Hema supermarkets.
According to Dr. Daniel Zipser, lead partner of McKinsey & Company, which runs its consumer and retail sector in Greater China, sales of 11/11 have exploded.
"The whole world is watching," Zipser told Business Insider on Saturday about GMV figures.
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