Singles' Day sales at Alibaba hit new record

Chinese e-commerce giant Alibaba announces that its Singles' Day shopping promotion breaks sales records, with its live sales ticker registering 168.2 billion yuan as tills shuts at 0:00 a.m. on November 12, 2017. [Photo: IC]

This year's Singles' Day, or "Double 11" shopping promotion at China's leading e-commerce platform Alibaba has reportedly broken sales records once again.

Alibaba is reporting revenues of 168.2 billion yuan, or around 25 billion U.S. dollars, with 90 percent of deals on Saturday done via mobile devices.

The company also generated 1-billion US dollars in sale in the first 3 minutes on Saturday morning.

CEO Daniel Zhang says 'Singles' Day' is going to evolve in the future.

"We will have a different shape for Singles' Day for sure. The premise will still stand. But we realize that we have innovated with technology. We have been able to adapt to the change in times. But our original concept still holds true. Innovations in technology are going to bring us a different Singles' Day experience in the future," says Zhang.

November 11th has become the largest shopping event in the world after Alibaba began promoting sales for "Singles' Day," 1-1-1-1 on the calendar, back in 2009.