The e-commerce giant JD.com has now racked up an amount of 311.4 yuan in sales across its platforms. It has collected this massive amount during the Singles Day shopping event. It has already smashed the record from last year.
JD.com has released its figure. It is referred to as the transaction volume. It comes in the form of the amount of money that has transacted across its e-commerce platform.
It does not directly translate into the revenue of the company. The e-commerce giant is not taking the returned items into its account.
However, it is an indication of the demand of the shoppers on Singles Day or Double11. It is one of the major shopping events in China. It eclipses Black Friday and Cyber Monday in the US for sales.
Last year, the volume of this e-commerce giant, JD’s transaction, totaled up to the amount of 271.5 billion yuan. There are still some of the hours left for Singles Day.
The sales of the JD ended at midnight China time on Friday. Thus the transaction volume will increase more.
The rival of this e-commerce giant, JD, Alibaba, has not yet released any kind of figures for the transactions across the platforms. Alibaba started with the Singles Day event in 2009. But now, retailers across the nation are involved in the sales. They are offering huge discounts to further attract the customers into buying their goods.
Even though it takes a traditional 24 hour for a flash-sale type of event, Singles Day took a long time last year.
The e-commerce giant JD opted for its pre-sale period from Oct 20 to Oct 31. They started the sales before the official sale started immediately and continued until the middle of the night on Friday. The longer sales period is now happening as a part of the reason that has influenced the growth of JD’s translation volume this year.
The Double 11 of this year has taken on a different feel under the situation of China’s crackdown on its technology sector. There are concerns about economic growth. President Xi Jinping is pushing towards a much moderate wealth for all or for “common prosperity.”
In an interview after Singles Day, the CEO of the e-commerce giant JD said that “consumer demand keeps increasing.”
