Alibaba hits record of over $1 billion in sales in 85 seconds

Nov. 10 (UPI) -- China's e-commerce giant Alibaba set a record of $1 billion in sales in the first 85 seconds of its biggest shopping day.

The online retail blitz known as Singles' Day is an informal holiday for singles on November 11 or 11/11, to symbolize singles, CNN reported.

Alibaba has offered discounts on Singles' Day since 2009, turning the day into an annual 24-hour online shopping spree.

This year, Alibaba's goal is to beat its 39 percent growth and the $25.3 billion it generated in revenue on Singles' Day 2017. Sales last year totaled more than Black Friday and Cyber Monday combined, according to Bloomberg.

Technology companies Xaomi, Apple and Dyson were the top three brands in early sales.

Still, the company faces new challenges this year due to the trade war with the United States, some new rivals in e-commerce and a slowing economy, CNN reported.

"It is possible that there will be a slowdown in growth for Singles' Day sales, given that they have had exponential growth in the past," Xiaofeng Wang, an analyst with research firm Forrester, said ahead of the event. "As the festival matures and becomes more established, we can expect the growth rate to slow down."

Alibaba co-founder Jack Ma and CEO Daniel Zhang came up with the idea of a holiday to celebrate the unattached as a contrast to the romantically entwined on Valentine's Day.