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China's Singles' Day sales hit 1.5 bln United States dollars in first 3 minutes

China's Singles' Day sales hit 1.5 bln United States dollars in first 3 minutes

More than 140,000 brands participate in 11.11 in 2017, offering 15 million products The Double 11 shopping event has more than 60,000 global brands that will offer popular items from authentic autographed sports memorabilia to fresh foods and produce to half a billion Chinese consumers.

In 2016, the volume was achieved in six minutes and 58 seconds, according to Alibaba, owner of TMall.

Singles Day is now inextricably linked with Alibaba, the Chinese e-commerce leviathan that in recent years has turned the holiday into an online - and occasionally brick-and-mortar - mercantile extravaganza.

Additionally, the retailer hit a record $18 billion in just 13 hours, eclipsing last year's record of $17.8 billion in 24 hours.

Also known as "Single's Day" for the repeated "1" in 11 November, the event launched in 2009 by sector leader Alibaba has become a key date for Chinese manufacturers and retailers, accounting for a significant share of annual orders for many businesses.

The event has been adopted by Alibaba rivals such as JD.com, with merchants engaging in a cut-throat battle to slash prices and move goods.




With those numbers, not Black Friday, Cyber Monday or Valentine's Day, can compete with Singles' Day as of yet.

The percentage of GMV generated by mobile users was 90% - a clear sign that Alibaba has realized the goal it set several years ago to migrate consumers to the platform they hold in their hand.

Singles's Day far out ranks the entire Black Friday Weekend in terms of sales, a year ago Single's Day sales were triple the combined total from Thanksgiving, Black Friday and Cyber Monday.

Alibaba launched "Singles Day" as the Chinese online answer to the late-November US "Black Friday" shopping rush, capitalising on the Chinese love of a good bargain and the growing national addiction to one-click smartphone payments.

Alibaba hosts a large gala on the Friday before Singles Day.

But environmentalists accuse Alibaba and other e-tailers of fuelling a culture of excessive consumption and mountains of waste. "I have often emptied my "shopping cart" on Singles Day", Zheng said.

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