Alibaba Rakes In $1bn In 17 Minutes During Singles’ Day In China

Singles’ Day in China is similar to Black Friday in the US. While the premise of both events are different, they represent the same thing – huge sales. Earlier today we reported that Chinese smartphone maker Xiaomi managed to pull in an impressive $163 million in revenue in half a day alone, but it looks like that amount pales in comparison to Alibaba.

According to reports, it seems that Chinese ecommerce giant Alibaba has managed to not only surpass the amount of money Xiaomi made, but they managed to do it in a shorter amount of time, and raised a lot more money in the process. How much more, you ask? Well apparently the company managed to rake in $1 billion in sales in just about 17 minutes alone!

Additional reports later revealed that Alibaba managed to clock $2 billion in sales after an hour, which seems a bit slower than their first 17 minutes, but still impressive nonetheless. Based on this we can only assume that they should have no problem beating last year’s sales in which Singles’ Day saw the company net $5.75 billion.

However we should note that Alibaba acts more like a wholesaler that does a lot of C2C, B2C, and B2B activities, versus Xiaomi which mainly sells mobile devices, so perhaps the comparison might not be a fair one. Either way both figures are equally impressive and with China’s growing economy, we have to wonder how much more these companies will be able to make in 2015.

Tyler Lee
Categories: General
Tags: alibaba