BEIJING – Alibaba recorded sales of $11.9 billion during the first two hours of Singles Day, the grand online shopping festival in China, the company said on Saturday.
The 24-hour event, which began at midnight, is this year set to break all sales records from previous editions.
In the first two hours of the operations, sales to the tune of 78.8 billion yuan ($11.9 billion) were generated, Alibaba said in a statement.
The company added that its servers processed up to 325,000 purchase orders per minute during peak demand.
In last year’s edition, total sales amounted to some 120.75 billion yuan (around $18.24 billion at the current exchange rate).
Singles Day or Double 11 – held on the eleventh day of the eleventh month (Nov. 11) – is a huge sensation in China, and over the years it has recorded the highest volume of sales over the internet in the world.
Sales on this day are 2.5 times those of the combined sales on “Black Friday” and “Cyber Monday,” the days on which businesses in the United States make their most attractive offers.