Forget Black Friday, Singles Day Shopping Tops $9 Billion on Alibaba

Forget about Black Friday. The biggest shopping day of the year is now Singles Day.
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Forget about Black Friday. The biggest shopping day of the year is now Singles Day. November 11th, China's anti-Valentine's Day festival, is an annual event in which online retailers slash prices. The newly proclaimed holiday by the creative singles in China, and the country's retail giant Alibaba, turned it into the world's top deal snapping festival. Online shoppers spent more than $9 billion on Alibaba and its affiliates like Tmall.com. Discounts were heavy and $2 billion of merchandise were gone in the first hour alone. Before Singles Day, Alibaba's executive chairman Jack Ma predicted the number of packages shipped this year was 'going to be scary'. He was right, over 200 million packages are waiting to be shipped, topping last year's record of 150 million packages. And what's different about this year's Singles Day is that it's global. Shoppers came from more than 200 countries. Alibaba is considering partnering up with PayPal, according to its vice chairman Joseph Tsai. The online retailer wants to give shoppers more options to pay.