This archive report was first published on 12 November 2019.
On November 11, 2019, Alibaba, a Chinese e-commerce giant, set a new record in sales during its annual Singles Day event, bringing in $30 billion (approximately Ksh. 3 trillion) in revenue.
The event, also known as the Double 11 shopping Festival, began in 2009 with the aim of raising awareness of online shopping. It has since become the world's largest shopping event, with this year's sales exceeding $1 billion in just one minute, according to Forbes.
Despite China's slowing economy and stiff competition from domestic rivals, Alibaba's Singles Day sales event has continued to break records. This year's sales narrowly missed last year's record of $38.3 billion (approximately Ksh. 3.8 trillion).
The shopping festival, which began at midnight in Singapore and Hong Kong, offered huge discounts across its e-commerce sites, including Tmall. Live streaming played a significant role in the event, with Alibaba emphasizing its use to help sell goods.
Some of the top-selling products included the 5G version of Huawei's Mate 30 Pro smartphone, Apple's iPhone 11 Pro and Pro Max, according to CNBC.
