阿里巴巴双十一交易额创纪录

China's Singles' Day, which is celebrated on November 11, has now become the world's largest online shopping day.

Online shoppers are mainly attracted by the discounts websites offer, which ranges from 50-90 percent off.

Chinese online shopping giant Taobao of Alibaba group achieved sales worth over one billion yuan in under three minutes during China's Singles' Day on Tuesday morning.

By 1:31 p.m. on Tuesday, Alibaba has sold over 36 billion yuan, or about 5.9 billion U.S. dollars, of goods.

Tesla Motors, an American company that designs, manufactures, and sells electric cars , also opened a store on Taobao during Singles' Day and its online stock was sold out in a few hours.

A real-time broadcast from the Hangzhou headquarters of Alibaba Group showed the online website's sales exceeding 10 billion yuan after 38 minutes and 28 seconds.

China's Singles' Day was initiated by Tmall in 2009, a shopping platform under Taobao. The event can be compared with "Cyber Monday," the Day after Thanksgiving in the US, marketed as a major online shopping day.

Revenue contributed by mobile phone users accounts for 45.5 percent of the total turnover.

For more on China's double Single Day, we are joined now live by Benjamin Cavendar, Principal at China Market Research in Shanghai.