Alibaba, JD.com handles record $ 136.51 billion in sales during 618 event

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People walk by JD.com advertisements of the 618 Shopping Festival at Wangfujing Street on June 14, 2020 in Beijing, ChinaVCG | Getty Images

China, the two largest e-commerce giants Alibaba and JD.com handled $ 136.51 billion in sales through their platforms during one of the largest event centers.Known as 618 because it falls on June 18, the festival was closely watched for signs of consumer health worldwide, the second largest economy, as it looks like recovering from the pandemic coronavirus.

JD.com says the transaction volume totaled 269.2 billion yuan ($ 37.99 billion). This figure is the total value of all orders for products and services placed on the online platform, regardless of whether the goods are sold, delivered or returned. This was more than 201.5 billion yuan in the volume of transactions from last year.

Meanwhile, Alibaba said gross goods value or GMV amounted to 698.2 billion yuan ($ 98.52 billion dollars). GMV is a figure who posts sales through the e-commerce of the giant of platforms of purchase.

In China, there are two large shopping malls, events. The first, 618, was launched by JD.com. The second, Singles to Date on Nov. 11, was created by Alibaba. But today, e-commerce companies join on promotions amid increased competition in online space shopping countries.

Alibaba raked in GMV record 268.4 billion yuan on Singles Day last year. Its 618 GMV is more than twice that amount.

The registration numbers on 618 may point to a recovery with the Chinese consumer. Retail sales fell 2.8% in May year over year, but online consumer goods sales increased 15.6%. JD.com and Alibaba have benefited from the acceleration of online shopping in China.

JD.com’s US-listed stocks are up 72.5% this year, while Alibaba’s rose 5.4%.

The two companies also performed listed in Hong Kong. Alibaba shares listed in Hong Kong in November JD.com shares started trading on Thursday.

Correction: This article has been updated to accurately reflect that Alibaba and JD.com handled $ 136.51 billion in sales during the shopping festival which took place for a few days.

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