How Alibaba made $38 billion in one day

Over the years, something called Singles’ Day has become a big deal, especially for e-commerce giants. And this was proven once again by a record haul of numbers by Chinese e-commerce giant Alibaba. As per multiple reports, in one day, Alibaba raked in sales worth $38 billion. If that somehow doesn’t sound impressive then here’s another stat: Amazon in the last quarter (three months) had sales worth $70 billion. So Alibaba managed to sell more than half of that in just about 24 hours.
In the first minute of the sale going live, it was reported that Alibaba had done sales over $1 billion. In the first hour, the sales figures were reportedly $12 billion. Overall, the total sales figure was $38 billion, which was 26% more compared to last year. A report by Forbes stated that over 200,000 brands were a part of the sale and there were 1 million new products on offer.