Alibaba Singles Day sales hit $1 billion in just 2 minutes

In fact, it's not even close.

Many Japanese makers of consumer goods are positioning themselves to cash in on China's Singles Day, as the November 11 holiday for celebrating the single life has morphed into an online shopping extravaganza in recent years.

This year, some Japanese companies plan to launch products and run aggressive sale promotions on China's leading online shopping sites, like those operated by Alibaba.

Alibaba says Double 11-related sales a year ago reached $17.8 billion in gross merchandise value, up 32 percent from 2015.

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

Alibaba hosts a live blog with the latest updates of the 11.11 Shopping events here. With more global brands participating in the holiday with deals, sales could be much higher than previous year, according to Squali. This year, Amazon recorded a record $1 billion in sales for its made up holiday and it was the largest single day for sales in the company's history.

In two minutes of sales time, Alibaba's gross merchandise volume totaled $1 billion.

China is in gearing up for Single's Day, the world's biggest shopping event, as $20bn (£15bn) is forecast to be splurged in just 24 hours as companies across the world try to cash in on the spending spree. In the first hour of Singles Day past year, about 175,000 hours per second came in. It will also be possible to knock down the price with coupons and other Alibaba discounts.

Alibaba is up 110% this year.

  • Eleanor Harrison