"Single's Day" may not ring any bells for you, but it's the world's biggest shopping day.
Last year, Alibaba pulled in $14 billion on the same day, with the first billion dollars earned in just eight minutes. Projections have the company earning over $20 billion today.
To put that into perspective, last year's Thanksgiving and Black Friday sales combined totaled a comparatively paltry $4.45 billion.
The origin of Single's Day is something that could only have happened in China. In a nutshell, in the mid 1990s, some enterprising folks decided that they could soothe the hearts of lonely singles by offering them the salve of retail therapy. Who needs a significant other when you can get a hundred bucks off sweet kicks?
The online version of the event launched in 2009 with just 27 participating merchants. In the years since then, it has skyrocketed in popularity.