Alibaba, JD hit record $139 billion of sales
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GUANGZHOU, China — Chinese e-commerce giants Alibaba JD.comSingles Day was the most important shopping event worldwide and saw new records in sales across all platforms.
Both companies saw shares rise Friday AlibabaYour chances of getting a raise are as high as 1% JDIn early Hong Kong, the exchange rate was up by more than 5%
Even with all the concerns surrounding the economy, record sales were achieved strength of the Chinese consumerThe impact of Beijing’s crackdown against technology companies.
Singles Day (also known as Double 11) was once a 24 hour flash sale, but it is now a multi-day event that ends at midnight on November 11. Alibaba began selling at the start of November, while JD started sales in October. The companies have been able to continue growing their sales for a longer period.
Hangzhou’s Headquarters in China displayed a sign for Alibaba Group Holding Ltd. on Wednesday, November 10, 2021. Alibaba’s 11/11 Singles’ Day online shopping event, which draws thousands of millions from all over the world, has become a much more casual affair. The e-commerce giant seeks a shift in the emphasis away from increasing sales, and towards sustainability and philanthropy. These are key pillars under President Xi Jinping’s efforts to restructure China’s economy.
Qilai Hen | Bloomberg | Getty Images
Alibaba stated that gross merchandise volume during the 11-day period was 540.3 billion Yuan ($84.54 trillion). a more than 8% jump from last year’s 498.2 billion yuan
JD said transaction volume on its platform totaled 349.1 billion yuan ($54.6 billion) during the Singles Day period, a 28% increase from the 271.5 billion yuan recorded last year.
GMV and transaction volumes do not convert into direct revenue for JD/Amalgambe. The figures don’t include returns. These figures are based on the number of transactions made across their respective platforms.
These numbers do however indicate that Chinese customers are eager to buy on the major e-commerce sites.
Social responsibility
Alibaba and JD both emphasized social and environmental responsibility at the event and aligned themselves with Beijing’s priorities.
Yang Guang (Vice President at Alibaba), stated in a press release that “This 11.11 Global Shopping Festival we delivered steady, quality growth that is an reflection of the dynamic Chinese consume economy.”
We also used the strength of 11.11 to fulfil our social responsibility. “This year’s festival is a milestone in our efforts to build a sustainable future.”
JD said that its Singles Day carbon emission reductions were 26,000 to 1 last year. Its green credentials are highlighted by JD.
What was the most popular item that people bought?
JD reported that it witnessed a rise in luxury goods and pet-related products.
Apple seemed to be enjoying strong sales. JD stated that the transaction volume for iPhones exceeded 100 million Yuan within 2 seconds of their final sale on Nov. 10.
JD and Alibaba both stated that they had seen growth in small Chinese cities. This is a crucial focus for e-commerce companies as they seek to expand their customer base.
JD stated that 77% of shoppers came from lower-tier countries during Singles Day. JD stated that it has seen “rapid rise in consumption” of these products, including home decor, medicine and appliances.
Alibaba stated that spending in rural and lower-tier areas was up by almost 25% since Double 11 opened its doors on November 1-3.
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