Alibaba and JD.com’s sales reached a record 139 billion U.S. dollars

Read Time:3 Minute, 1 Second


Guangzhou, China – Chinese e-commerce giants Alibaba and JD.com set new sales records on their platforms at Singles’ Day, the world’s largest shopping event.

The stock prices of both companies rose on Friday, with Alibaba up about 1% and JD.com’s stock price up more than 5% in early trading in Hong Kong.

Despite concerns about the strength of Chinese consumers and the impact of Beijing’s crackdown on technology companies, record sales have emerged.

Singles’ Day, also called Double 11, used to be a 24-hour flash sale event. Now it has become a multi-day event, ending at midnight on November 11. Jingdong started selling in late October, and Alibaba started selling in early November. This extended period helped the company continue to increase sales.

The Alibaba Group Holding Co., Ltd. sign will be displayed at the company’s headquarters in Hangzhou, China on Wednesday, November 10, 2021. Alibaba’s annual 11.11 Singles’ Day online shopping boom attracted hundreds of millions of people around the world as the e-commerce giant tried to shift its focus from increasing sales to sustainable development and philanthropy – this is what President Xi Jinping reshaped China’s economy. Key pillars, so this year’s activities are even more low-key.

Seven Gods | Bloomberg | Getty Images

Alibaba said that the gross merchandise transactions (GMV) during the 11-day period totaled 540.3 billion yuan (84.54 billion U.S. dollars), an increase of more than 8% from last year’s 498.2 billion yuan.

According to JD.com, transactions on its platform during Singles’ Day totaled 349.1 billion yuan (54.6 billion U.S. dollars), an increase of 28% from last year’s 271.5 billion yuan.

GMV and transaction volume cannot be converted into direct revenue from JD and Alibaba. They also do not consider returned items. These figures are related to the transaction volume of the two platforms.

However, they do show that Chinese consumers are interested in shopping on the e-commerce giant’s platforms.

‘Social responsibility’

Both JD.com and Alibaba touted social and environmental responsibility during the event, aligning with Beijing’s priorities.

Alibaba vice president Yang Guang said in a press release: “This 11.11 global shopping festival, we have achieved stable and high-quality growth, which reflects the vibrant Chinese consumer economy.”

“We are also using 11.11 as a platform to fulfill our social responsibilities. This year’s festival is a meaningful milestone as part of our commitment to building a sustainable future.”

JD.com also stated that compared with last year, this year’s Singles Day reduced carbon emissions by 26,000 tons, highlighting its environmental protection qualifications.

What did people buy?

JD.com said that purchases of luxury goods and pet-related products have surged.

Apple seems to see strong sales. JD.com said that the iPhone went on sale on November 10, and the turnover exceeded 100 million yuan within 2 seconds.

Both Alibaba and JD.com said they have seen growth in smaller cities in China, which is the focus of e-commerce companies when they expand their user base.

JD.com said that during Double Eleven, users from the so-called low-end market accounted for 77% of all shoppers. The company said it has seen “rapid growth in consumption” in these markets in home appliances, medicine and home decoration.

Alibaba said that when Double 11 sales started from November 1 to 3, spending in lower-tier cities and rural areas increased by nearly 25% compared to last year.


If you want to know more about business please go to https://updatednews24.com/category/business/

Happy
Happy
0 %
Sad
Sad
0 %
Excited
Excited
0 %
Sleepy
Sleepy
0 %
Angry
Angry
0 %
Surprise
Surprise
0 %
We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners. View more
Cookies settings
Accept
Decline
Privacy & Cookie policy
Privacy & Cookies policy
Cookie name Active

Who we are

Suggested text: Our website address is: https://updatednews24.com.

Comments

Suggested text: When visitors leave comments on the site we collect the data shown in the comments form, and also the visitor’s IP address and browser user agent string to help spam detection. An anonymized string created from your email address (also called a hash) may be provided to the Gravatar service to see if you are using it. The Gravatar service privacy policy is available here: https://automattic.com/privacy/. After approval of your comment, your profile picture is visible to the public in the context of your comment.

Media

Suggested text: If you upload images to the website, you should avoid uploading images with embedded location data (EXIF GPS) included. Visitors to the website can download and extract any location data from images on the website.

Cookies

Suggested text: If you leave a comment on our site you may opt-in to saving your name, email address and website in cookies. These are for your convenience so that you do not have to fill in your details again when you leave another comment. These cookies will last for one year. If you visit our login page, we will set a temporary cookie to determine if your browser accepts cookies. This cookie contains no personal data and is discarded when you close your browser. When you log in, we will also set up several cookies to save your login information and your screen display choices. Login cookies last for two days, and screen options cookies last for a year. If you select "Remember Me", your login will persist for two weeks. If you log out of your account, the login cookies will be removed. If you edit or publish an article, an additional cookie will be saved in your browser. This cookie includes no personal data and simply indicates the post ID of the article you just edited. It expires after 1 day.

Embedded content from other websites

Suggested text: Articles on this site may include embedded content (e.g. videos, images, articles, etc.). Embedded content from other websites behaves in the exact same way as if the visitor has visited the other website. These websites may collect data about you, use cookies, embed additional third-party tracking, and monitor your interaction with that embedded content, including tracking your interaction with the embedded content if you have an account and are logged in to that website.

Who we share your data with

Suggested text: If you request a password reset, your IP address will be included in the reset email.

How long we retain your data

Suggested text: If you leave a comment, the comment and its metadata are retained indefinitely. This is so we can recognize and approve any follow-up comments automatically instead of holding them in a moderation queue. For users that register on our website (if any), we also store the personal information they provide in their user profile. All users can see, edit, or delete their personal information at any time (except they cannot change their username). Website administrators can also see and edit that information.

What rights you have over your data

Suggested text: If you have an account on this site, or have left comments, you can request to receive an exported file of the personal data we hold about you, including any data you have provided to us. You can also request that we erase any personal data we hold about you. This does not include any data we are obliged to keep for administrative, legal, or security purposes.

Where we send your data

Suggested text: Visitor comments may be checked through an automated spam detection service.
Save settings
Cookies settings