The 11.11 24 hour Online Sale event generated over $9.3 billion in sales last year. Alibaba's 11.11 Global Shopping Festival 2015 is likely to blast $10 billion.
Chinese internet giant Alibaba Group will organize the 11.11 Global Shopping Festival again this year. The 11.11 (also known as Singles Day) sales event is the biggest online sales event with over $9.3 billion in sales in 2014. This number is billions more than Thanksgiving Day, Black Friday and Cyber Monday combined online sales. The combined online sales of the Black Friday weekend reached about $6.3 billion in 2014.
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Jack Ma's Alibaba Group is kicking off the 2015 11.11 Global Shipping Festival at its headquarters in Hangzhou, China on Oct. 13 with an official launch ceremony.
There will be over 100 international brands and retailers, countries and trade associations present at the ceremony. Alibaba Group executives including Jack Ma, executive chairman, Daniel Zhang, chief executive officer and Michael Evans, president, will also attend the 11.11 launch ceremony.
The ceremony marks one month until this year’s 11.11 Global Shopping Festival, the world’s largest 24-hour online sale. For the 2015 Festival, Alibaba Group is working with international brands, foreign governments, trade associations, global retailers, and brick-and-mortar stores in China to make the event a paramount global shopping experience for consumers, whether they are online or offline.
Alibaba founded the 11.11 shopping festival in 2009 with only 27 merchants as an event for Tmall.com. Some refer to the event as the Singles Day Sale because it falls on Singles Day, a day for Chinese young single people to celebrate their independence by treating themselves to a special purchase. Six years later, the 11.11 Shopping event has matured into a global event with participating merchants in tens of thousands, buyers in millions, and total sales in billions.
Last week Alibaba launched Alibaba Defined; a site to help people outside of China to better understand the company.
"Alibaba needs no explanation in China, where consumers interact with our products and services every single day. But for those outside of China, who have limited access to our ecosystem, it can be difficult to appreciate our vision, our company and what we are working to achieve," said Joe Tsai, Executive Vice Chairman. "Our first annual report was the ideal opportunity to create a comprehensive experience for everyone who wants to better understand us."
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Shoppers outside of China can take part in the 11.11 Shopping Festival through the aliexpress.com site. This Alibaba online marketplace allows consumers to buy directly from China.