China shattered the record for the most ecommerce sales in a day on Monday, on what is known in the nation as “Singles Day.” It’s perhaps best described as some combination of a reverse-Valentine’s Day and Cyber Monday, the day of online shopping that follows Thanksgiving.
Chinese citizens had no trouble setting a new ecommerce mark, a fact attributed to the country’s rapid growth in online shopping. Alibaba, China’s largest ecommerce company, hit the equivalent of $3.1 billion in sales by around 1 p.m. local time, according to CNBC, and total company sales amounted to about $5.75 billion. The afternoon sales figures equaled the total amount of sales on Alibaba’s websites in 2012, and that much cash alone was nearly double the amount of money U.S. citizens spent on last year’s Cyber Monday. Read more…
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