Japanese companies stoked for China's Singles Day

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Jiangxiaobai Liquor Company is putting up a never-ending supply of booze for sale Saturday, marking the biggest shopping holiday in the world, AFP reports.

Major Chinese e-commerce company Alibaba Group Holding processed roughly 120 billion yuan ($18 billion in today's exchange rate) worth of online transactions on Singles Day past year.

The Alibaba 11.11 Global Shopping Festival initially began as "Singles Day", in which college students picked November 11 to celebrate being single, with the idea of inviting Chinese consumers to buy themselves gifts in the spirit of an "Anti-Valentine's" Day.

In two minutes of sales time, Alibaba's gross merchandise volume totaled $1 billion.

Alibaba adopted and promoted the theme starting in 2009.

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The event, which started out as an opportunity for Chinese singletons to buy themselves a gift, has spiralled into the world's biggest shopping day of the year.

In recent years, Singles Day has garnered more revenue than both Black Friday and Cyber Monday combined as Alibaba is the largest e-commerce retailer in the Eastern hemisphere.

Alibaba kicked off this year with gala featuring a mix of Chinese and American stars, including musician Pharrell Williams, actress Nicole Kidman and tennis player Maria Sharapova.

Jiangxiaobai Liquor Company, based in the southwestern city of Chongqing, first started offering the product on November 11 past year.

A year ago the shopping holiday drove $18 billion worth of retail sales for participating sellers, a pop-up luxury hub, Double 11 Musée, will appear online and in the Tmall app for high-end brands.

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