Chinese e-commerce giant Alibaba set a new sales record on Singles Day, the world's largest 24-hour shopping event.
Gross merchandise value , a figure that shows sales across Alibaba's various shopping platforms, surpassed on Monday afternoon local time, and kept rising through the rest of the day.
It was the 11th edition of the annual Singles Day event — also called the Double 11 shopping festival because it falls on Nov. 11. During the 24-hour period, which began at midnight in Singapore and Hong Kong, Alibaba offered huge discounts across its e-commerce sites such as Tmall. Alibaba's Singles Day sales last year exceeded the spending by consumers during any single U.S. shopping holiday such as Black Friday or Cyber Monday.
To help boost sales, Alibaba expanded the number of discounted items available in this year's event and put a via its platforms to help sell goods. Live streaming has become a big part of the shopping experience on Chinese e-commerce sites.Kim Kardashian did a livestreamAlibaba's new Singles Day record comes as it faces a slowing Chinese economy and stiff competition from domestic rivals. While Alibaba is the name often associated with the mega shopping event, competitors
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