China’s major e-commerce platforms boasted record high sales during the country’s mid-year online shopping festival — a closely watched barometer for consumer confidence and the sector’s overall vibrancy.
JD.com, which created the so-called “618” festival to celebrate its founding anniversary, reported 201.5 billion yuan ($31.53 billion) worth of orders during the annual June 1 to June 18 online shopping bonanza — a year-on-year growth of 26.6%.
Its rival, Alibaba’s Tmall, said sales volume of the shops operating on its platform surpassed the number during its own famous shopping festival, “Double 11,” last year by an astounding 40 times.
Pinduoduo, a discount group-purchasing platform, reported a four-fold increase in its gross sales volume.
Contact reporter Tang Ziyi (firstname.lastname@example.org)