Who Will Win From Alibaba's Singles Day Sales Event?
Although Singles Day isn't widely known outside of China, it has quickly become the biggest sales event in the world, outstripping Black Friday and Cyber Monday sales combined. Chinese e-commerce platform Alibaba (NYSE: BABA) is obviously the biggest beneficiary of the event since it was the company that took the unofficial holiday among the country's youth and turned it into a national -- and increasingly international -- phenomenon. But other retailers may just win big, too.
Alibaba generated $18 billion in sales from Singles Day in 2016. To put that in perspective, online sales for Thanksgiving Day and Black Friday totaled $5.3 billion and Cyber Monday generated $3.45 billion, or about $8.8 billion total, and that's across all retailers. Amazon.com (NASDAQ: AMZN), which had its biggest sales day ever this past July during its Prime Day event, sold an estimated $1 billion worth of merchandise. (Alibaba hit that threshold in the first seven minutes of its sales event last year.)
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Source: Fool.com
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