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Alibaba Group, China’s leading e-commerce player, reported year-on-year growth in this year’s Singles Day sales period that concluded at midnight on Saturday. Rival JD.com also disclosed sales volumes reaching a record high, Fortune Magazine reports. However, for the second consecutive year, both companies refrained from disclosing specific revenue figures.
The event, which began with a presale period on October 24 and concluded on November 11, saw 402 brands surpassing 100 million yuan (US$13.7 million) in GMV by midnight on Saturday, notes South China Morning Post. Additionally, the same source states that 38,000 brands achieved over 100% year-on-year GMV growth, according to Taobao and Tmall Group.
According to data from Syntun, cumulative gross merchandising volume (GMV) sales across major e-commerce platforms this year saw an increase of 2.08% to 1.14 trillion yuan ($156.40 billion).
A CNBC report states that Xiaomi sold more than 22.4 billion yuan ($3.11 billion) worth of products on platforms such as Alibaba’s Tmall and Taobao, JD.com, between Oct 24 and Nov 11 this year, while Lululemon saw transaction volume on JD.com increase by 260% during the shopping festival.
“JD.com not only adopted “Really Cheap” as its overarching theme but also underscored initiatives such as offering an extensive array of products available for immediate purchase, eliminating the conventional pre-sales model, and implementing “price guarantees covering over 800 million products for 30 days”. Meanwhile, Pinduoduo carved out a niche in the fiercely competitive market through its enduring strategy of affordable pricing, exemplified by the „10 billion subsidy campaign,” showcasing remarkable competitiveness.” a Syntun press release states.
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