Alibaba eyes record Singles' Day sales

Taylor Swift whose latest album

The spending splurge also confirms China's battered economy is being kept afloat by ebullient consumer spending despite the doldrums caused by the trade war.

US market research company Forrester said total combined e-commerce sales by all USA platforms on Black Friday and Cyber Monday in 2018 hit $14.2 billion, which was just 46 percent of Alibaba's total in that year.

This year's edition of Singles Day is being touted as the largest single day shopping event not only of the year and is expected to generate more sales than Black Friday, Cyber Monday and Thanksgiving Day combined, according to Adobe Analytics.

Alibaba expects over 500 million customers to shop during the day, beating out last year's figure by more than 100 million.

The company is hyping the event with a "Countdown Gala" featuring a performance by pop singer Taylor Swift.

The world's largest on-line retail occasion occurs on Monday - greater than Black Friday or Cyber Monday - however few on this aspect of the planet have heard of it.

Daraz Group, owned by Alibaba Group Holdings Ltd, first brought 11.11 to South Asia a year ago and is gearing up again with celebrations in Pakistan, Bangladesh, Sri Lanka, Myanmar and Nepal.

More news: Corner Brook boy meets Maple Leafs in Toronto after disappointing birthday party

The U.S. Black Friday shopping frenzy this year will take place on November 28 while Cyber Monday is scheduled for December 2.

Alibaba's Singles' Day celebrations have featured USA singer Mariah Carey and musician Pharrell Williams in the past. Thousands of couples now marry on Singles' Day, which is a fact at odds with its name.

Alibaba continues to dominate the online shopping industry, but not without competition.

Alibaba, China's version of Amazon, marked down merchandise in a marketing campaign that had other e-commerce companies soon doing the same.

The new tech launched Thursday by Alibaba Cloud, the cloud service provider under Alibaba Group, is a special liquid coolant whose function is similar to soaking Alibaba's numerous processors in cool water.

This chart shows Alibaba's GMV on Singles' Day vs. USA ecommerce sales on Thanksgiving weekend.

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