During one of China’s biggest shopping events, Alibaba and JD.com, the two biggest e-commerce giants of the country, saw their platforms selling products worth $136.51 billion in combine.
The festival, which falls on June 18 and is known as 618 because of the date, has captured the attention of analysts for being country’s business health indicator. China is the second largest economy in the world and is seems to be recovered from the effects of pandemic.
Volume of the transactions during the event remained 269.2 billion yuan ($37.99 billion), said JD.com. The figure represents amount of all orders whether products or services placed on the JD.com’s platform, without considering fate of the goods whether sold, delivered or reverted. The total value of the transaction volume at JD.com was also come above to that of 201.5 billion yuan during the festival last year.
In the meantime, gross merchandise value or GMV at Alibaba remained 698.2 billion yuan ($98.52 billion), as said the Chinese e-commerce giant. GMV is the figure that represents sales across Alibaba’s different shopping platforms.
JD.com is the company behind creation of the shopping event like 618, which is one of the two major shopping events in China. The second shopping event of the country is Singles Day which occurs on Nov 11, ever year and has been started by Alibaba. But currently, both e-commerce giants fully take part into the both events because of the mounting competition in online shopping space of the country.
Last year on Singles Day, Alibaba secured record GMV of 268.4 billion yuan, while worth of its 618 GMV is double to that of the Singles Day.
The record sales are pointing towards a likely recovery of the consumers in China. In May, retail sales though saw a decline of 2.8% from year ago sales, but sales of physical consumer products at online platforms surged by 2.8%. And that increase in pace of shift towards online shopping in China has benefited both Alibaba and JD.com.