Alibaba made $1 billion in sales in first 2 minutes of Singles Day

It took just two minutes and one second for e-commerce giant and China powerhouse Alibaba to hit $1 billion in sales for Singles Day, China’s annual online shopping extravaganza, the company spokesperson said Saturday. Within one hour and six minutes, Alibaba’s sales topped $10 billion. The Singles Day or Guanggun Jie literally: “Single Sticks’ Holiday” is an entertaining festival widespread among young Mainland Chinese people, to celebrate the fact that they are proud of being single. November 11 (11/11), is chosen because the number “1” resembles an individual that is alone.

Alibaba kicked off with star-studded gala featuring a mix of Chinese and American stars, including musician Pharrell Williams, actress Nicole Kidman and tennis player Maria Sharapova.

Shoppers from at least 192 countries and regions stormed the e-commerce giant website to scoop up discounted iPhones and refrigerators. As the event got underway, 93 percent of transactions were done via mobile.