And well, Alibaba the e-commerce giant turned this day into a shopping day in 2009.
While veterans were recognized in the US and those fallen in the Second World War were to be remembered in Europe, in China, this November 11 was to celebrate singles.
JD.com said it began its sales event on November 1 in order to reduce delivery bottlenecks and to give users a chance to spend more time online to make their purchasing decisions. For the past few years, its sales numbers have topped those of both Cyber Monday and Black Friday in the U.S. This year's shopping holiday, like every preceding Singles Day, was the largest ever.
Earlier this year, there were reports citing sources that Alibaba along with Paytm Mall (which has Alibaba has an investor) were in discussions with BigBasket to pick up a minority stake for about $200 million.
According to Bloomberg, mobile transactions accounted for about 90 percent of Alibaba's Singles' Day sales.
JD posted a net profit of 1 billion yuan ($151 million), its highest ever quarterly profit and outstripping analyst estimates of a 213 million yuan loss. Indeed, during the busiest periods, the company registered 256,000 transactions per second.
China is a major target for most global marketers, not least because it represents still a significant growth opportunity, averaging seven per cent GDP growth per year and with the total spending power of middle class growing even faster. Citigroup Inc has predicted transactions will rise by more than 30 percent to 158 billion yuan this year. But considering the shopping holiday is nowhere near the cultural phenomenon it is in China, and that almost no retailers offline contributed to the buzz, the new record reached shows more people are used to buying online.