This year’s Singles’ Day is expected to be Alibaba’s largest ever, as it hopes to achieve a record 1 billion orders at the end of the 24-hour event. As of 9:32 am on Sunday, 131 billion yuan (US$18.8 billion) worth of orders have been garnered, compared with 103 billion yuan at the same point last year. A strong showing for Singles’ Day could help assuage concerns that consumer confidence has taken a big hit. In just one second, 3,700 Singles' Day special edition MAC lipsticks were sold out. To cater to these consumers, Alibaba held its first Singles’ Day shopping event in 2009 to serve these consumers.

Source: thestar November 11, 2018 06:33 UTC