China’s annual “618” online shopping festival has been a major success for ecommerce brands up and down the nation, seeing numbers smash previous years’.
JD.com announced today that its gross merchandising volume (GMV) reached 305.6 billion yuan ($47.48 billion) after China’s 618 festival rages on.
The ecommerce giant also announced that the average turnover over for its “core brands” was 4.3 times more than last year.
JD.com’s rival Alibaba’s Tmall also announced its figures from 618, seeing its turnover in the first hour of today up 100 per cent year-on-year.
According to Tmall, its roster of brands have gained a combined total of around 60 million new store followers since the start of sales event at the beginning of June, with this new customer base making up to 50 per cent of some brands figures.
The 618 festival isn’t just an opportunity for giants to increase their profits, lots of smaller businesses are seeing massively improved figures from taking part.
In the first two weeks of the festival, 459 new brands topped categories on Tmall, a figure up 27.5 per cent from last year’s popular sales event Singles’ Day according to Businessoffashion.
Chinese ecommerce newcomer, Douyin hasn’t yet released its figures however previously announced it had made more than 1.4 billion yuan ($217.5 million) in GMV on the first day of 618.
Figures from JD.com also showed a 9 times increase in sales for local streetwear brands, including sneaker and sportswear labels.
Alibaba’s Tmall platform disclosed a carbon emissions per order figures amid growing concerns over environmental costs of ecommerce shopping festivals in China.
The company said that emissions fell 17.6 per cent compared to last year’ festive period.
Popular US outdoor clothing brand Patagonia said it would not take part in 618 and instead advised Chinese consumers to buy more rationally.
The 618 festival was initially launched as one-day event however due to its success has been stretched in recent years to weeks long.
It occurs at the same time as Amazon’s hotly anticipated similar shopping spree, Prime Day, which is due to finish tomorrow and expected to smash popular sales holidays’ Cyber Monday and Black Friday figures.