November 11 has been celebrated as China's Single's Day since the 1990s.
As per the company, over 140,000 brands are participating in this year's 11.11, offering promotions for more than 15 million product listings. The final Alibaba 11.11 Singles Shopping Event could close in on $25 billion, depending on the momentum in the last hours of the sale. In 2009, retailer Alibaba turned the day into the country's version of Black Friday - and eight years later, sales from the Chinese e-commerce event has more than doubled those from Black Friday and Cyber Monday in the U.S. combined.
JD.com reports earnings before Monday's open.
The yearly display of rising Chinese consumer spending power has become crucial for manufacturers and retailers across the country, accounting for a significant share of annual orders for many businesses.
Five minutes after midnight, Alipay was processing 256,000 payment transactions per second, doubling last year's high-water mark, Alibaba said.
E-commerce's huge growth in China has put New York-listed Alibaba neck-and-neck with Amazon as the world's most valuable e-commerce company, while also making Nasdaq-listed JD.com a Fortune 500 company.
Singles's Day far out ranks the entire Black Friday Weekend in terms of sales, past year Single's Day sales were triple the combined total from Thanksgiving, Black Friday and Cyber Monday.
"This year, a series of live entertainment events including Tmall's See Now Buy Now Fashion Show along with other live streaming and interactive activities will bring together millions of people around the world to jointly celebrate a global shopping festival of the year". It already has a substantial stake in Lazada, an online retailer in South-east Asia and recently launched an electronic trading hub in Malaysia.
Alibaba's 11.11 has grown beyond an annual online shopping bonanza to become a key driving force in transforming the lifestyle of Chinese consumers today through modern technologies. "We will see tens of billions of dollars injected overseas (by Alibaba)", said Mr Li Chengdong, a Beijing-based independent e-commerce analyst.