The Singles Day Sales start tomorrow

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Alibaba is cleaning house during China's Singles Day festival, the biggest day in online shopping all year.

Total sales at the end of 24 hours.

Alibaba is also willing to export the Singles' Day 24-hour shopping concept to the rest of the world as the company has committed to serve 2 billion consumers worldwide by 2036, Tsai said.

With a focus on retail as entertainment, this year is expected to be bigger with more add-ons including augmented-reality games, shopping tours and virtual fitting rooms.

Just a little past halfway through the day Alibaba crossed last year's GMV (gross merchandise value) of $17.7 billion.

Chinese shoppers on Saturday spent billions of dollars in an annual online commercial extravaganza that was once meant as a celebration for lonely hearts.

The event, now indulged in by all consumers whether with or without a better half, takes pride of place in the calendar of manufacturers and retailers in the country, making up a significant share of annual orders for many businesses. Singles' Day is China's much larger version of Black Friday.

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Just like U.S. versions of the shopping holidays, Alibaba offered discounts on a variety of goods, from household items to electronic gadgets to clothing to beauty supplies. At its peak, the company's processors handled 256,000 transactions per second.

This year, the company will spread its sales to physical buildings, with 10% of China's convenience stores participating.

"This study provides a deep dive into the largest e-commerce market in the world".

Analysts say Alibaba will take "Singles Day" global as Chinese e-commerce growth rates are expected to slow in years ahead.

Singles's Day far out ranks the entire Black Friday Weekend in terms of sales, past year Single's Day sales were triple the combined total from Thanksgiving, Black Friday and Cyber Monday.

Besides, the Chinese e-commerce giant has now revealed that about $12 billion worth goods have been sold within two hours of the launch of its 11.11 Global Shopping Festival.

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