Alibaba's holds lofty goals for Singles Day

Alibaba Group Holding Ltd is planning to use the upcoming Singles Day as a catalyst to revolutionize the retail industry by encouraging more brick-and-mortar stores to get Web savvy.

Many young Chinese people celebrate Singles Day, also know as Double Eleven, on Nov 11, with bachelor parties held across the country.

Last year, the company's Tmall and Taobao marketplaces generated a combined 19.1 billion yuan ($3.12 billion) in daily sales for their Double Eleven promotions, double the revenue generated by the United States' Cyber Monday, which is the Monday after Black Friday, the Friday following Thanksgiving.