Hangzhou: China's giant e-commerce company Alibaba sold goods worth $ 22.63 billion (about Rs. 1,615.14 billion) in the first nine hours of Singles Day Sale. The company has reported that this is 25% higher than the previous year's sales. Alibaba organizes Singles Day on 11 November every year. Due to the date of 11/11, this event is also known as 'Double 11'.
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Keep in mind that shopping events like Black Friday and Cyber Monday are organized in the US. Alibaba chairman and CEO Daniel Zhang started organizing Singles Day in China on the lines of these same American celebrations in 2009. In the last 10 years, the event has become the largest shopping event in the world. The company hopes that this year, 50 million user's orders will come on its shopping platform. Last year, 40 crore users placed orders in this 24-hour event.
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Last year, Alibaba sold a total of $ 30 billion worth of goods on Singles Day, much higher than the $ 7.9 billion in sales held in the US under Cyber Monday. However, last year, Alibaba's sales growth rate of 27% was the lowest in 10 years. This year, this growth rate is expected to come down to 25%. Actually, China's e-commerce sector is witnessing widespread sluggishness, which is also affecting the singles day event of Alibaba.
