Chinese online retailer Alibaba has reported that it has made nearly $9bn in sales during its ‘Singles’ Day’ shopping event.

The firm made $2bn in its first hour alone and has confirmed that it has now hit just over $8.9bn.

This year has seen a significant increase in sales compared to last year’s event when the company made a total of $5.75bn.

Singles’ Day – which is comparable to ‘Cyber Monday’ in the US – is the biggest eCommerce event in the world.

The high sales can be contributed to Alibaba expanding globally this year to include overseas merchants and consumers.

Alibaba, founded by CEO Jack Ma 15 years ago, occupies approximately four-fifths of the Chinese e-commerce market. It plans to rapidly expand its presence in North America and Europe, placing it on a collision course with US rivals such as eBay and Amazon.

Earlier this year the company debuted its shared in New York with a record-breaking $25bn IPO which increased the firm’s market value to $231bn.