On 'Double 11' Day, Alibaba and Others See Exponential Growth in E-Sales
(Beijing) – In China, November 11 is called "Double 11," but the country's popular e-commerce companies enjoy sales exponentially greater than the average day.
In less than six minutes, around 1 billion yuan worth transactions were processed on Alibaba Group's online shopping sites Taobao and Tmall.
Alibaba started the shopping tradition in 2009. Net users had already made it something of a special day every year by playfully referring to November 11 – or 11/11 – as "singles day."
- Market Cave-In
- China's Passport Selfies Service Hits a Snag
- China Unveils System to Insure Depositors If a Bank Fails
- Opportunity Knocks at New Infrastructure Bank
- Capital's Schools to Close When Air Pollution Gets Too Bad
- Slowly, China Prepares to Raise Retirement Age
- Caixin Suing Guo Wengui and Hong Kong Media
- The Euro Currency Pain Will Remain for Chinese Exporters
- Making an Exit
- New Property Policies Give Boost to Main Stock Indexes
- Sign up to receive our free daily newsletter
- Kissinger: China, U.S. Must 'Lead in Cooperation'
- Yuan and Gold: Old Enemies Should Finally Become Friends
- Tycoon Said to Bring Down a Deputy Mayor, Control Key Beijing Land Deal
- Reinventing the Bicycle in Beijing
- Saudi Aramco's Supply to China Potentially Doubling
- Caixin Pledges to Defend Hu Shuli's Reputation
- Confucius and the World He Created
- Who Is Prince Qing?
- Ex-Police Chief Held for Murder Said to Be Linked to Graft Case
- Military-Linked Hospital Allows Fake Doctor to Practice