Alibaba records $38 billion in sales in the Singles Day

INVESTOPAPER

Alibaba, an e-commerce giant of China, has reported a sales of $38.3 billion in the Singles Day. This is the record for the highest sales during the Singles Day.

During the 24-hour period, the company generated sales (Gross Merchandise Value) of around $38.3 billion or 268.4 billion yuan. This is almost 26 percent higher than the previous years’ singles day sale. Last year, Alibaba sold 213.5 billion yuan or $30.5 billion during its 24-hour shopping event.

The singles day event was in its 11th edition and Alibaba provided huge discounts to the customers during this event.

The company had also increased the number of items offering discounts during this mega event.

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