China’s JD.com breaks its Singles Day file with $ 48.7 billion in income
GUANGZHOU, China – Chinese e-commerce giant JD.com has sales of 311.4 billion yuan ($ 48.6 billion) on its platforms during the Singles Day shopping event at 2:09 p.m. Beijing time achieved, breaking his record last year.
The number published by JD.com is called the transaction volume. It’s the amount of money that is processed through its ecommerce platforms that doesn’t directly translate into revenue for the company – and it doesn’t take into account any returned items.
Still, it’s an indication of shoppers’ appetites on Singles Day or Double 11, a major shopping event in China that dwarfs Black Friday and Cyber Monday in the US in terms of sales.
Last year, JD’s transaction volume was 271.5 billion yuan. There are still a few hours left until Singles Day this year, as JD’s sale ends on Friday at midnight Chinese time, so the volume of transactions will increase.
JD rival Alibaba has yet to release any transaction figures on its platforms.
Employees at Chinese e-commerce giant JD.com prepare packages for delivery at the company’s main fulfillment center for Singles Day on November 11, 2020 in Beijing, China.
Kevin Frayer | Getty Images News | Getty Images
Alibaba started the Singles Day event in 2009, but now all retailers across the country are involved, offering huge discounts to entice consumers to buy goods.
While it was traditionally a 24-hour flash sale event, Singles Day got longer every year.
JD had a pre-sale period from October 20th through October 31st before official sales resumed immediately until midnight on Friday. The longer sales period is one of the reasons JD has increased its transaction volume this year.