Alibaba’s Singles Day Smashes Sales Records, Showing Power of Marketplace Model

 

It was just a few months ago that we were writing about Amazon’s record-breaking 5th Prime Day sales event – but the number-one online sales event of the year has nothing to do with Amazon. That honor belongs to Singles Day, Alibaba’s massive annual 24-hour sale, which reached a record-breaking $38.4 billion in sales this year.