Chinese online retail giant Alibaba broke sales records Tuesday, recording more than $8 billion dollars in sales on "Singles' Day," a day when Chinese singles celebrate being romantically unattached.
The day, which essentially celebrates being alone, was started by Chinese university students in the 1990s. Now, it has grown into China's equivalent of America's Cyber Monday.
Online Chinese shopping sites such as Taobao and T-Mall were recording massive sales all day Tuesday, with special deals specifically promoted for Singles' Day.
Alibaba, the company that owns Taobao and T-Mall, shattered its past records, recording $2 billion dollars in sales in just over an hour. By mid-day sales had hit nearly $5 billion, Â鶹´«Ã½' Janis Macky Frayer reported Tuesday from Beijing.
By 10 p.m. local time,
Sales were also taking off because Alibaba expanded its popular e-commerce sites abroad for the first time. Orders on Tuesday were coming in from more than 150 different countries from around the world.
The company recently , making history as it raised $21.8 billion in its debut.
Chinese consumers were taking advantage of the special deals all day. Online shopper Dan Dan said she always waits until Nov. 11 to make any major purchases.
"If I see something I want to buy, I will wait because I think Singles' Day is coming," she told Â鶹´«Ã½.
Andy Mok, an IT consultant, said the day is a reminder for stores about the importance of developing an online presence.
"Traditional brick-and-mortar only retailers -- whether they're big companies or the 'mom and pop' operators – their days are absolutely numbered if they do not adapt and find a way to also have an e-commerce channel," he said.
Meanwhile, delivery companies will work to clear the backlog of orders, as there are an estimated 200 million Singles' Day packages that will be shipped.
'Bare branches'
Singles' Day was initially celebrated by university students as a sort of "Anti-Valentine's Day," for those who were without a partner.
The day got its name because the date it falls on consists of four ones (Nov. 11 or 11/11). When written out as such, the four ones resembled four trees without any leaves.
"The Chinese have an expression for people who are not married: 'bare branches,'" BNN's Michael Kane reported Tuesday morning. "It converts to 'Singles' Day.'"
Singles on this day typically mark the occasion by partying with their other unattached friends. However over the years, the day has become increasingly associated with shopping, and many point to Alibaba as being one of the main reasons behind the shift.
The company began referencing the day in its promotions in 2009 to increase sales. Then in 2012, it successfully trademarked the term "Double-11," which many Chinese use to describe the holiday. This means that Alibaba has exclusive rights to use the term in its marketing and promotions.
Analysts said the move would be comparable to a North American retailer getting the exclusive rights to use the words "Valentine's Day" in its marketing.
With a report from CTV’s Beijing Bureau Chief Janis Mackey Frayer
