Guangzhou, China – As of 14:09 pm Beijing time during the Singles’ Day shopping event, Chinese e-commerce giant JD.com’s sales on its platform reached 311.4 billion yuan ($48.6 billion), breaking last year’s record.
The figures released by JD are called transaction volume. It is the amount of money transacted on its e-commerce platform and will not directly translate into the company’s income-nor does it consider returns.
Nonetheless, this still shows shoppers’ appetite for Double Eleven or Double Eleven, a major shopping event in China that surpasses Black Friday and Cyber Monday in the United States in terms of sales.
Last year, Jingdong’s transaction volume totaled 271.5 billion yuan. There are still a few hours before Double Eleven this year. Jingdong’s sales will end at midnight China time on Friday, so transaction volume will increase.
JD rival Alibaba has not yet released any transaction data on its platform.
On November 11, 2020, Beijing, China, Double Eleven, workers from the Chinese e-commerce giant JD.com prepare packages for delivery in the company’s main logistics center.
Kevin Frere | Getty Images News | Getty Images
Alibaba started the Double Eleven event in 2009, but now retailers across the country are participating, offering huge discounts to attract consumers to buy goods.
Although traditionally a 24-hour flash sale type event, Singles’ Day is getting longer every year.
JD’s pre-sale period is from October 20th to October 31st, after which the official sales will start immediately and will last until midnight on Friday. The longer sales period is part of the reason why JD.com was able to increase transaction volume this year.
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