Alibaba turned Singles' Day, a Nov. 11 Chinese response to Valentine's Day, into an online shopping festival in 2009.
It copyrighted the "Double 11" term three years later after recognizing its commercial potential.
"You're seeing the unleashing of the consumption power of the Chinese consumer," Joe Tsai, Alibaba's executive vice chairman, told reporters.
Alibaba had sales of 35 billion yuan during last year's festival.
The numbers this year were boosted by a "pre-sales initiative" under which merchants advertised prices as early as Oct. 15, taking deposits for the items but only processing full payments and shipping the goods on Singles' Day itself.
Though the 27,000 vendors that take part can boost their sales and gain customers by being featured on Alibaba's Singles' Day shopping sites, some have complained that discounts and cut-throat corporate rivalry undercut the benefits.
Rivals such as JD.com Inc, Suning Commerce Group Co Ltd and Wal-Mart Stores Inc's Yihaodian have all gotten in on the Singles' Day act, but Tsai was bullish about Alibaba's pole position.
"I don't think any other company in China can create a day like this," he said.