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4 billion in sales in five minutes of Singles’ Day

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Chinese e commerce giant Alibaba Group posted US$1 billion ($1.39b) of sales within the first five minutes of its Singles’ Day shopping bonanza, Bloomberg reports.

Singles’ Day, which Alibaba spearheaded in 2009, is a 24 hour online shopping event some commentators believe gives clues to the health of the Chinese economy.

The November 11 event dwarfs US sale events Black Friday and Cyber Monday and is set to tally up to $US21 billion worth of cheap rams jerseys sales by 40,000 merchants Cheap hockey Jerseys in just 24 hours.

Alibaba Group Chief Marketing Officer Chris Tung called the gala “a global carnival, a world class performance that involves the audience throughout the event with many touch points and is like nothing else you have experienced.”

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In the three weeks leading up to the event, Alibaba has been rolling out hi tech innovations that bring virtual reality and gaming into the customer experience.

The company kicked off its Singles Day promotions last month with a live streamed, eight hour fashion show that attracted more than six million viewers.

Shoppers were able to order in real time after spotting creations from brands including Burberry, GAP, Levi’s, La Perla, Paul Smith, New Balance and Under Armour on the catwalk.

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