If US has Black Friday, which is one of the largest and much-awaited shopping days of the year where shoppers get huge discounts from retailers, China has "Singles' Day" which happens 11th of November and just like Black Friday in the US,it is regarded as China's biggest online shopping day.
It has been reported that Chinese e-commerce company Alibaba has sold over $2 million worth of products during its 1st hour sale, and exceeded its $6 billion target in only a few hours.
Moreover, Chinese tech giant Xiaomi also broke its own record from last year's Singles' Day sale. According to the post in Google+ made by Xiaomi's Vice President for International Operations Hugo Barra, the company was able to sell 720,000 Mi phones in 12 hours alone. He also posted it on twitter saying "Xiaomi record in China Singles' Day sale: 720,000 Mi phones sold, CNY 1B (US$ 163M) in sales in 12 hours." Barra mentioned that China's Singles' Day Sale is the "biggest online shopping day in the world, even eclipsing Cyber Monday in the US."
Furthermore, Xiaomi has made $16 million in revenue within 4 minutes and 48 seconds, as revealed also by Vice President Barra. The company has reached $163 million revenue within 12 hours, as compared to last year's $90 million revenue on a full day sale. This is yet another phenomenal record made by the world's 3rd largest smartphone maker.
Out of the 720,000 Mi units sold by Xiaomi, TechCrunch has divulged the breakdown of the company's products that contributed to the extraordinary turnout. "Behind the sales numbers, Xiaomi said it had sold some 720,000 units by midday. Of that figure, around 250,000 were its flagship $300 Mi4 device, with 460,000 units of its $150 Redmi device snapped up. In addition, it says it sold 25,000 of its Mi TVs," revealed TechCrunch.
According to IDC, Xiaomi now has 5.3 % share of the market. Although it is still behind Apple's 12% share, it garnered a total of 211% from last year in terms of smartphone shipments, "making it the fastest growing among the top vendors."
