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China's Alibaba rakes in record $3.1 billion in sales during 24-hour e-commerce shopping bonanza

During the Chinese equivalent to Cyber Monday, Alibaba saw $3.1 billion in sales in just 24 hours

By Anthony Garreffa from Nov 13, 2012 @ 3:35 CST

Everyone loves a good sale, but it looks like China's equivalent to America's Cyber Monday shopping frenzy on November 11 saw Alibaba rake in a record $3.1 billion in sales within 24 hours - a number that is up 367% year-over-year.

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A bulk of the sales came from the company's B2C site Tmall.com, with its C2C brand Taobao taking in a large chunk too. Alibaba has said that it saw 10 million visitors in the first sixty seconds alone, and reached over $40 million in gross merchandise value (GMV) in just 10 minutes.

Tmall is one of Alibaba's newest sites, opening in 2008, and has expanded rather quickly. Its GMV totaled $16 billion last year, and is expected to double that this year reaching $32 billion. Alibaba expects sales on its platforms to exceed that of both eBay and Amazon, combined.

NEWS SOURCES:Thenextweb.com

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