But Alibaba shared plunged by 8% - along with those of fellow Chinese e-commerce giant shares - as China's authorities set out proposals to tackle monopolies in the sector. Amid the COVID-19 pandemic, this year's event has taken on new meaning as companies strive to recover.
Alibaba said on Thursday that the annual sales frenzy broke records again, raking in 498.2 billion yuan (roughly $75 billion).
Compared to the same timeframe as last year, this year's haul represents an increase of 26%, the company said. The Alibaba digital infrastructure handled 583,000 orders per second during peak of activity. Some brands and merchants who have slashed their prices bagged hundreds of millions of yuan (tens of millions of dollars) in sales in just few hours into the shopping festival. Other top-selling countries to China, in alphabetical order, include: Australia, Canada, France, Germany, Italy, Japan, Korea, New Zealand and UK.
The Singles' Day festival is named as such because the main shopping day falls on November 11, which when written numerically as 11.11 resembles "bare branches", a Chinese expression for the single and unattached.
Over 340 firms, including Apple, L'Oreal and Huawei, have exceeded 100 million yuan in sales, with 13 brands recording GMV above 1 billion yuan, Alibaba said.
JD.com, which started its shopping promotions on Nov 1, said it recorded 200 billion yuan worth of sales by nine minutes after midnight yesterday.
Package hills on the "Singles Day"- the initial in between mean "Alibaba" reveals that The Online seller will certainly damage this year's documents. That was the firm's highest-ever single-day sales total.
Singles' Day was trending on China's Twitter-like Weibo, while a poll of Singles' Day spending by Sina Entertainment found 44% of 174,000 respondents aimed to spend less than 1,000 yuan versus 4% who planned to splurge over 10,000 yuan. According to Oliver Wyman partner Jacques Penhirin, chinese shoppers "continue to spend like insane".
Singles Day originated in the 1990s in Chinese student environments.
Unlike in previous years, brought in Alibaba consumers this Time, nonetheless, considering that the start of November, with acquiring Windows as well as unique promos that are consisted of in the outcome. They saved money during an unprecedented lockdown earlier this year, but they aren't travelling, said Mr Penhirin. The day thus later became known as Singles' Day.
Once again, you can expect it to dwarf digital sales in the USA for Black Friday, Cyber Monday and Amazon's (AMZN) Prime Day. It was chosen because of the sequence of number ones in the date.
However, 2020 marked the first time Alibaba expanded Singles Day from a 24-hour event with some preview sales into a two-phase event with two separate shopping windows.