The single biggest shopping day in the world is almost here

Singles' Day, a festival that started in China some 20 years ago to celebrate being single, is fast approaching. And the country’s e-commerce giant is pulling out all the stops this year.



Alibaba has turned the day, which falls on Nov. 11 every year, into a 24-hour online shopping blitz with deep, deep discounts on a wide range of goods. The online company named Katy Perry as the global ambassador for this year’s event. The American singer is scheduled to perform at a celebratory concert in Shenzhen, China, the day before the sale.



Alibaba is expected to generate $20 billion in sales on Singles' Day this year, up from $14.3 billion last year, according to Fung Global Retail and Technology, Business Insider reported.



This year, many American retailers will participate in Singles Day, including Macy’s, Target and Starbucks.



Click here to read more.