Nov
12
How Alibaba Raked in $5.7 Billion in 24 hours
Posted in: Uncategorized
Alibaba, the Chinese e-commerce giant, just worked some major magic: Its payment service, Alipay, logged $5.7 billion in sales in a single day on China’s annual Nov. 11 online shopping bonanza.
That’s a record-breaking figure — up 83% from last year. And it’s almost three times the sales of 2012’s Cyber Monday.
So how did the event known as 11/11 get so huge, so fast?
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