Chinese retailer Alibaba Group Holding Ltd. said Monday that sales logged from its annual Singles' Day shopping blitz crossed the $30 billion mark late Monday afternoon, putting the event on track to set a record in its 11th year.

Akin to Black Friday and Cyber Monday in the United States, Singles' Day has been promoted as a shopping festival by Alibaba Chairman and Chief Executive Daniel Zhang since 2009, growing rapidly to become the world's biggest online sales event.

Also dubbed "Double Eleven," the festival's name originates from the calendar date Nov. 11, with the four ones in 11/11 signifying being single.