Alibaba's $8 Billion 'Singles Day' Blowout

Alibaba's Singles Day blowout in China dwarfs Cyber Monday and Black Friday online sales.
5:25 | 11/11/14

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Transcript for Alibaba's $8 Billion 'Singles Day' Blowout
Okay. Is Tuesday November 11. Veterans day of course and markets in New York are open our big number this morning eight billion dollars. Sales Ali Bob or running up on singles day it's anti Valentine's day of sorts of China. Alibaba which greeted holiday has its take on China's older bachelor's day it reported this eight billion dollars in sales by late Tuesday night with three more hours ago. Over when I'm down Cutler in New York to hear that he tails on that big number Daniel Douglas Gabriel with Washington Post Danielle good morning to you. Good morning to you so Alibaba reporting two million dollars in sales. Just in the first hour which is amazing because this singles they is kind of the China's version of this holidays right. It's interesting adding single day is almost like our Black Friday in that these are both manufacture holidays that a lot of lot of retailers. Two degree in business and it towards the end of the year. What's interesting here ballot Alibaba is doing is that they've been able to far surpassed the kind of fills that we've seen for such things as cyber Saturday which was the the second coming Black Friday for the online world and also small business Sunday. But Isley bothers doing this farm in dealing a sales capacity on a far beyond what the US seen. In many years and it's pretty successful because of Ali Bob and his ability to drive sales. The cost effective way. A two point nine billion bus almost three billion dollars for the year last year and Alibaba is doing that in a little bit of any in our of their sales so I have a guess the question is should the Amazon's the world's be concerned that about Alibaba as growth. I think already can turn and heading Amazon and eBay and other Cuddy congress. Retailers and infections have been extremely concerned about. The growth that out about was able to produced I think they're also trying to find ways to tap the kind of market and shopping power and buying power that China has at this point there's a lot of possibilities there it is a large group market. And what Alley bothers me was do successfully is create a pricing model where. By and there is minimal investment but maximum profits because it's not making its own. Products is just serving as is really efficient and effective portal for all of these other retailers and getting. A price often getting money off of that aren't getting appeal of that kind of structure it's agreed it's agreed we need to do business especially in in koppers. So what do we see that American companies doing to try to capitalize on that grows. What was to see some American content companies try to team up with Alibaba nor to sell there. Whereas in cost school is creating a deal with them Tesla Motors is also trying to do to deal. Whereby that they can also use their portal looks import I was mentioning earlier that allows users to tap all of the different sorts of products that are available to them. Through Al Alibaba and support a which has been a really. Greed. We for the company to do business and make a lot of money off of. Pat has the has this kind of growth been consistent because I know the explosion of a Chinese consumer has really taken off and gained a lot of headlines over the past five years. Oh certainly I mean there's been some are some points of. Just kind of would draw back from the Chinese consumer but. For the most part it has been a consistent growth story and one that. Most forecasters and most analysts expect we'll look at anticipate will continue on for at least another five or ten years. As China kind of capitalizes off of its good record economy right now what. When Alibaba went public obviously a huge very huge provident huge highlight for Jack Ma the company CEO and founder there. Also he's announcing that Ayala Alley say the the payment system. He intends on taking that public is well is that going to be a spin on something separate them from that from the main company. I think there's discussions about whether that would make sense offended the time being I think they haven't. Not hasn't really made aim definitive plan asked whether to spin that off but Ali he's been pretty successful as it is. If it were to become a competitor to the systems that we see arriving in the US think apple pain and Google wallet. It would be interesting to see how that rival. Robbery plays out because Alec a's had a little bit more experience and this feast is seen apple paid or a school wallet still be interesting to see whether. Who wins the day in that side of the commerce well which is very much so the area that everyone's looking to CE. Develop and evolve yeah. We answers on behalf of its northern Iowa so here's the one thing that China does not have despite all the huge success about those sales were single state. They don't have those people camped outside of like a big box retailer. And like thirty degree below you know temperatures -- at lake had sixty inch television for seven dollars Bryant. No they don't have that yet I don't know if we know zinni went through in export that over there of as someone who's had to cover Black Friday before that's never fun. That note Nellie and it's not fun but it's always fun to watch the chaos and you're sitting at home there in the comfort of your house out immediately. Appreciate it Daniel that if they were for the Washington Post and a thank you so much appreciate your time think you think there of course you Cuba latest headlines right here and abcnews.com. You've been watching the big number I'm Dan Cutler anymore.

This transcript has been automatically generated and may not be 100% accurate.

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