ALIBABA’S annual Singles Day sale is almost an institution in China.
You would not believe that this is only nine years old. It was originally conceived as a good excuse to increase sales.
It is celebrated every Nov. 11, which if you may note, is written as 11.11.
Somebody had the bright idea that it stood for four single people standing, and Alibaba started to promote that day by holding a sale–something like an anti-thesis of Valentine’s Day.
This year, it set a record sale of US$30.7 billion in just one day….