- China's shopping extravaganza "618" (from May 31 to June 18) registered a GMV of 695.9 billion RMB from the major e-commerce platforms, including traditional e-commerce platforms and live-streaming e-commerce platforms.
- The GMV of traditional e-commerce platforms was 582.6 billion, led by Alibaba Group Holding Limited BABA Tmall platform as per a data service provider.
- JD.com, Inc's JD rose 10.3%, missing the 2021 event's growth of 27.7% amid China's intense tech crackdown, economic slowdown further perpetrated by the Covid lockdowns, Reuters reports.
- Also Read: Alibaba Hands Out Bulk Of 2021's Antitrust Penalty; China Signals Ease In Crackdown As It Continues To Monitor Tech Sector
- Chinese shoppers purchased 379.3 billion yuan ($56.48 billion) of goods on JD's platform.
- Major e-commerce platforms offered attractive discounts to lure customers, while some companies reportedly scaled down participation.
- Livestreaming e-commerce platforms posted a GMV of 144.5 billion.
- New retail platforms clocked a GMV of 22.4 billion yuan, and community group buying platforms posted a GMV of 15.3 billion yuan.
- Internet platforms and offline stores joined, including Douyin and Kuaishou Technology KUASF.
- Household appliances remained one of the popular categories, with a GMV of 87.9 billion RMB.
- Alibaba saw the slowest ever sales growth of just 8.5% during China's most popular shopping event, Singles Day, last November as a precursor to the 618.
- Price Action: BABA shares traded 0.07% lower at $102.55 premarket on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
