In the first minute and eight seconds of this year’s Single’s Day shopping promotion, gross merchandise volume (GMV) settled through Alipay reached $1 billion – then in the first hour it hit $12 billion.

The 11.11 shopping festival - also known as Single’s Day - has become the biggest shopping event in the world, having started in 2009 with participation from 27 Alibaba merchants, to raise awareness of online shopping.

Last year’s event generated a record $30.8 billion over the course of the 24-hour period, with this year set to eclipse that total.

In the hours leading up to the promotion, Alibaba’s video streaming platform Youku hosted the fifth annual countdown gala - which included interactive performances from Taylor Swift and other international and domestic celebrities - broadcast live across nearly 30 platforms and TV channels.

More than 200,000 brands are participating in this year’s event, which Wunderman Thompson Commerce head of consultancy and innovation Hugh Fletcher described as an opportunity to attract international customers.

“While Black Friday has grown to dominate the retail calendar in the UK and US, it attracts nowhere near the spend that China’s equivalent does – UK retailers must also remain aware of the arrival of Chinese retail giant Alibaba as another Amazon-sized competitor.”

He added: “While peak shopping days offer opportunities to generate sales, retailers also need to anticipate the influx of customers and strain on the back and front end – with competition so high, the winners and losers on days like this may well be defined by a sleek or sluggish online performance.”

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