Forget about Black Friday. Alibaba made $5 billion in 90 minutes on Singles Day

In China, it’s already November 11, or 11/11, and the massive e-commerce event known as “Singles Day” is well under way. Launched by Chinese e-commerce giant Alibaba in 2009, the idea is that for a full 24 hours, shoppers who are unmarried and unattached should go online and splurge on a nice gift for themselves.

At least judging by the initial numbers, the company’s efforts have paid off. In the first 90 minutes after the Singles Day kickoff, at midnight in Beijing, Alibaba said it surpassed $5 billion in total sales. Seventy-four percent of those were from mobile phones.

The World's Biggest Shopping Day Is Happening Right Now, And You Probably Don't Even Know It

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