SHENZHEN: Chinese e-commerce giant Alibaba Group Holding said it racked up more than US$5bil (RM22bil) in transactions in the first hour of its annual 'Singles' Day' sales blitz on Friday (Nov 11) - a third more than in the first hour of last year's spree.
The 24-hour event held annually on Nov 11 offers a benchmark for Alibaba's performance and an insight into China's swing to online shopping, especially via smartphones. Launched in 2009, Alibaba's version of the event was designed to encourage consumers without a partner to treat themselves.