JD.com wins the battle, hardly.
Chinese e-commerce giant JD.com (JD:NASDAQ; 9618:HK) reported a record-breaking 618 Grand Promotion on June 18, 2022, with transaction volume totalling CNY 379.3 billion (USD 56.74 billion).
However, this year's figure was the slowest for the retailer. The total sales rose 10.3% over the "618" period, the company said, sharply down from the 2021 event's growth of 27.7%.
lt was also "the hardest ever" shopping event. Check our latest analysis here:
The 618 event is China's second largest shopping festival after Singles Day in November, and was initiated in 2004 to mark JD.com's founding anniversary.
The theme of the 19th JD618 Shopping Festival this year was “Responsible Supply Chain”. According to the company, JD Logistics' same or next-day delivery services have gone deeper into the country, now covering 94% of counties and 84% of townships across China.
And its fully-owned subsidiary Dada Nexus (DADA:NASDAQ) also announced a record-high daily delivery volume during the 618 gala, exceeding 10 million units per day for two consecutive days. Among which, Dada delivered 83% more orders to small and medium-sized businesses.
Lijun Xin, the CEO of JD Retail noted that “the entire supply chain industry is facing greater development opportunities ahead and JD is ready to embrace the era of supply chain value.”
JD.com spotlighted seven key consumption trends in this year's event, ranging from consumers' rising demand for quality services, new and greener products, to the fast growth of omni-channel retail, agricultural products and more.
JD.com's shares closed at USD 65.23 apiece on the latest trading day, up 5.2%.
Its rivals, Alibaba Group (BABA:NYSE; 9988:HK) and Pinduoduo (PDD:NASDAQ) didn't release 618 figures as of press time.