On China's Singles Day

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On China's Singles Day

Jiangxiaobai Liquor Company, based in the southwestern city of Chongqing, first started offering the product on November 11 a year ago.

Alibaba managed to expand Singles Day from a local Chinese sales event to a global sales day.

Comparing Single's Day to Amazon's "Prime Day" gives a good idea of the massive scale of the holiday. People often celebrate their independence by buying themselves gifts, and Alibaba has turned the holiday into a blowout extravaganza.

Companies like cosmetics maker Shiseido and sanitary goods manufacturer Unicharm hope to sell twice as much as they did past year.

That's absolutely massive and puts United States shopping holidays like Black Friday and Cyber Monday to shame.

While official figures have yet to be compiled, CNBC said the company racked up $5 billion in transactions within the first 15 minutes of the day and the Financial Times reported $8.4 billion in the first hour. Each year Alibaba holds a slickly produced live-streamed and televised countdown gala that has become more and more extravagant.

For a few years now, Singles Day sales have far surpassed its USA counterparts of Black Friday and Cyber Monday - combined.

Although there is technically only one Singles Day every year, retailers capitalize on the buzz that precedes the day and start selling products at a great discount as early as three weeks prior to the event. JD.com has partnered with Tencent and Baidu to attract as many shoppers to its platform as possible. A lifetime supply of alcohol will be going on sale for less than $1,700, as China's e-commerce giant Alibaba begins a bumper annual shopping festival. The company moved just 0.69% higher on Friday.

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