3 years ago
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China has Cyber Monday Too
Chinese bargain-hunters spent a record amount with Internet retailers Monday, smashing last year's tally for the country's busiest online shopping day by early afternoon. What began as a holiday for singles has morphed into an online retail frenzy that dwarfs Cyber Monday, the day after the Thanksgiving weekend when Americans rush to snap up bargains at the start of the Christmas shopping season. Sales on Tmall.com, China's version of Amazon (AMZN, Fortune 500), run by Alibaba, reached $164 million in the first few minutes of the day. By early afternoon, sales on Alibaba's shopping sites surpassed last year's figure of $3.1 billion -- double the $1.5 billion netted on Cyber Monday.
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