CNET también está disponible en español.

Ir a español

Don't show this again

Tech Industry

Single's Day madness means $5B in one hour for Alibaba

Single's Day is China's Black Friday, and e-commerce giant Alibaba reaps the benefits.

"Single's Day" may not ring any bells for you, but it's the world's biggest shopping day.

gettyimages-466480018.jpg

Jack Ma, Alibaba's chairman, must love Single's Day.

Sean Gallup, Getty Images

November 11, or Single's Day, is China's version of Black Friday. Alibaba, China's biggest e-commerce company, raked in $5 billion in the first hour alone, according to Reuters.

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.