
Alibaba Singles’ Day Hit $858 Million Sales in First Minute
(Bloomberg) — Alibaba Group Holding Ltd.’s Singles’ Day shopping bonanza got off to a strong start, logging 61 billion yuan ($8.7 billion) of purchases within the first 20 minutes.An estimated half-billion shoppers from China to Russia and Argentina are expected to swarm the e-commerce giant’s sites to scoop up everything from iPhones and refrigerators to cashew nuts. The company again hosted a televised entertainment revue in Shanghai to run alongside the bargain-hunting, this time enlisting Taylor Swift and Asian pop icon G.E.M. to try and pump up sales.The world’s largest shopping event has become an annual ritual for Asia’s largest …read more […]