Single Day: Alibaba's annual event marks its slowest sales growth

Sales for the 11-day event grew the slowest since its launch in 2009, 8.5% more than a year earlier. However, customer spending still hit a new record 540.3 billion yuan ($84.5 billion; £63.2 billion).

This year marks the 1st time that sales for Alibaba's Singles Day, which the company calls the "11/11 Global Shopping Festival," have not experienced double-digit annual growth. "It's probably not that great when you consider the market that is projected to grow by almost 12%," Rui Ma told the Tech Buzz China website.

"They have used this holiday to the limit. There are already so many that it is difficult to show growth," he added. It comes amid swift action taken by the Chinese government in recent months to impose strict new rules on the country's internet giant. After years of limited Beijing oversight, officials enforce regulations to ensure the tech industry competes fairly and contributes more to society.

During the raids, Alibaba came into the spotlight when it paid a record $2.8 billion fine then an investigation found it had abused its market position for years. The company also announced plans to change the way it does business.

Shen Lu of technology website Protocol told the that this year single was meant to enhance the company's image: "Alibaba seeks to present itself as a socially responsible technology company." "They show that they are obedient and fit into the general political atmosphere," he said. This approach has given events from previous years a more social focus with environmental products and fundraising campaigns for good causes.