- Chinese e-commerce giant JD.com has so far raised 311.4 billion yuan ($48.6 billion) in sales on its platform during its Singles Day shopping event, breaking its record last year.
- With still several hours left in Singles Day this year, JD’s sale ends at midnight on Friday in China to increase transaction volume.
- While it was traditionally a 24-hour flash-sale type event, Singles Day has grown longer each year which has allowed e-commerce players to increase their sales.
GUANGZHOU, China — Chinese e-commerce giant JD.com has raised 311.4 billion yuan ($48.6 billion) in sales on its platform as of 14:09 a.m. Beijing time during a Singles Day shopping event last year. breaking its own record.
The figure JD.com released is known as the transaction volume. This is the amount that is transacted on its e-commerce platform and does not translate directly into revenue for the company – and does not take into account returned items.
Still, it’s a sign of shopper’s appetite on Singles Day or Double 11, a major shopping event in China that eclipses Black Friday and Cyber Monday in the US in terms of sales.
Last year, JD’s transaction volume totaled 271.5 billion yuan. With still several hours left in Singles Day this year, JD’s sale ends at midnight on Friday, China time, to increase transaction volume.
JD rival Alibaba has not yet released any data for transactions on its platform.
Alibaba started the Singles Day event in 2009, but now retailers across the country are joining in, offering huge discounts to entice consumers to buy goods.
While it was traditionally a 24-hour flash-sale type event, Singles Day has gotten longer each year.
The pre-sale period for JD was from October 20 to October 31, before the official sale began immediately and continued until midnight on Friday. The longer selling period is part of the reason JD has been able to increase its transaction volume this year.
This year’s Double 11 took a different experience under China’s crackdown on its domestic technology sector, concerns about economic growth, and President Xi Jinping’s threat to move toward more liberal funding, or “shared prosperity” for all. Is.
In an interview with Businesshala recorded before Singles Day, the CEO of JD’s retail business told Businesshala that “consumer demand continues to grow.”