Alibaba Singles Day sales hit $1 billion in just 2 minutes

Alibaba Singles Day sales hit $1 billion in just 2 minutes

Many Japanese makers of consumer goods are positioning themselves to cash in on China's Singles Day, as the November 11 holiday for celebrating the single life has morphed into an online shopping extravaganza in recent years. With the 24-hour event last year, consumers purchased $17.8 billion in merchandise, up 24% from a year ago.

To put that figure perspective, Alibaba made more transactions in first 15 minutes of Singles Day this year than it did during the entire first hour of the cybershopping event back in 2015. People often celebrate their independence by buying themselves gifts, and Alibaba has turned the holiday into a blowout extravaganza.

The biggest shopping holiday in the world isn't Black Friday.

Alibaba began running sales on the day in 2009 and it has since become the country's equivalent of the United States Black Friday or Cyber Monday.

According to reports, within the first 30 seconds, 97 percent of sales were generated through mobile devices.

Apple is secretly working on an AR headset for 2020
As we've seen from other AR developers, minimizing technology to work in an AR headset is still a hard proposition. Some of Apple's competitors, including Microsoft and Google , have already delivered augmented reality headsets.

The annual retail extravaganza has become a major event with Alibaba hosting a gala that a year ago featured David and Victoria Beckham and Kobe Bryant.

With a focus on retail as entertainment, this year is expected to be bigger with more add-ons including augmented-reality games, shopping tours and virtual fitting rooms.

Other retailers will be trying to replicate Alibaba's success on Singles Day. JD.com has also partnered with Walmart to help fill customer's orders, which could lead to an increase over last year's $60 million in sales for Single's Day, Squali said.

But not just any Friday.

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