Alibaba sets record at $31 billion sale in a single day

Chinese e-commerce giant Alibaba’s shopping extravaganza 11.11 got off to a roaring start with total GMV surpassing $1 billion within 1 minute and 8 seconds after the sale started. New benchmarks were set when total GMV surpassed $10 billion in less than 30 minutes on 11.11 sale and $16.3 billion in less than 90 minutes.

The retail e-commerce giant with a net worth amounting to $486 billion is focusing on ‘new consumption,’ ‘new business’ and green action this year. More than 200,000 brands from 78 countries are participating in the festival, with one million new products on offer.