China sales: Alibaba takes £2bn in minutes on Singles' Day

Not enough

The one day promotion is a significant reduction from the normal price of 99,999 yuan, while a single bottle of Baijiu usually sells for 196 yuan.

Alibaba managed to expand Singles Day from a local Chinese sales event to a global sales day.

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Jiangxiaobai Liquor Company, based in the southwestern city of Chongqing, first started offering the product on November 11 past year.

Legend has it Singles Day began in the early 1990s in the dorm rooms of Nanjing University, one of China's oldest and most prestigious universities, when a group of single friends bemoaned the lack of significant others and chose to mark the day by organizing activities as a group of singles and soothing their loneliness by buying themselves a gift. People often celebrate their independence by buying themselves gifts, and Alibaba has turned the holiday into a blowout extravaganza. Ahead of the biggest single-day online shopping event, topping Black Friday, by a long shot is a star-studded gala.

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To put that figure perspective, Alibaba made more transactions in first 15 minutes of Singles Day this year than it did during the entire first hour of the cybershopping event back in 2015.

Adding together the sales from the most recent Prime Day, Black Friday and Cyber Monday in the USA only total 43% of the sales from last year's Single's Day.

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Other retailers will be trying to replicate Alibaba's success on Singles' Day. JD.com has also partnered with Walmart to help fill customer's orders, which could lead to an increase over last year's $60 million in sales for Single's Day, Squali said. The company moved just 0.69% higher on Friday.

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