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What Is Alibaba's Singles Day?

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This year's Alibaba's  (BABA) - Get Alibaba Group Holding Ltd. Report Singles Day raked in $84.54 billion in gross merchandise volume.

The company says that the two-week shopping spree was "by far its largest edition to date, bringing together at least 900 million Chinese consumers and 290,000 brands."

Singles Day is a celebration started by single Chinese university students in 1993. On that day, single people would buy gifts for each other as a way of celebrating being single.

Jack Ma, founder of Alibaba, saw this as a perfect opportunity to grow business. Hence, the company adopted this as an online shopping holiday.

Jack Ma's entrepreneurial approach has yielded great results for the company. Alibaba's Singles Day shopping easily outpaces combined online sales of Cyber Monday and Black Friday in the U.S.

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