Alibaba Group reported record revenue for the biggest sale of the year on Single's Day.
Alibaba Group reported record revenue at the sale on Single's Day, which was started on November 11. Total sales at the Tmall Marketplace exceeded 372 billion yuan.
Alibaba held its first sale for an additional three days from November 1 to 3 to provide additional support to retailers affected by the pandemic. These restrictive measures allowed the company to attract more customers.
Alibaba's Tmall online store reached the peak number of orders just after midnight on November 11. Every second marketplace received an average of 583 thousand orders, the highest number since the beginning of the year. To reach the 100 million yuan ($14 million) mark, it took less than two hours of sales for the company's hundreds of leading brands.
According to Alibaba Group, the "11.11" discounts apply to 16 million products, including 3 million specially made available on the platform on the day of the year's main sale. Tmall's assortment on this day includes more than 250 thousand brands, including 2600 - new foreign brands. In 2019, sales on Single's Day brought Alibaba $8.4 billion, increasing a quarter for the year.
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