Alibaba Records $74 Billion In Singles Day Sale

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In this NBB news, we have discussed Chinese e-commerce giant Alibaba Group Holding Ltd said orders made during its Singles’ Day mega-shopping festival had surpassed $56 billion, as customers tried to cash in on a deluge of rebates. The shopping event was first launched in 2009 by Alibaba and has made it the largest online sales festival in the world, eclipsing Cyber Monday in the United States. It reported $38.4bn in GMV a day last year.

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