Singles Day may be a sad one for all the lonely hearts out there, but for China’s online retail giant Alibaba it is indeed a lucky one.
The shopping site has grossed nearly $7 billion of sales so far from its annual Singles Day shopping event and is expected to reach $8 billion.
That is a big leap from last year’s $5.75 billion worth of sales.
Money can't buy you love, but lack of love can rake in the cash, apparently.
Singles Day, considered the world's biggest online retail sales day, falls on Nov. 11. Get it: 11/11. It started as joke between university students.
11/11 was originally marketed as an "anti-Valentine's Day" in China, marking huge discounts to lure the country's singles by hitting on a raw nerve. It is now rightfully dubbed as the “11.11 Shopping Festival.”
Who better than retailers to capitalize on a fake holiday and heartache?
In jumped Alibaba, making the most of the event. They've hit massive sales for the last several years, each year getting better than before. The owner, Jack Ma, talked of his goal to break all records, saying, "I bet the number [of goods bought] is going to be scary," estimating 200 million packages would be shipped in a day.
He had a pretty good idea as they sold $2 billion worth of goods in the first hour only and a staggering 500 million packages are expected to be shipped during this year's festival alone.
This makes the anti Valentine’s Day festival the world’s biggest e-commerce holiday.
Alibaba is not the first business to cash in on such an occasion. Retailers around the world make the most of events like Christmas and Valentine’s Day.