JD.com smashes Singles’ Day record with $48.7bn in sales

JD.com has smashed its previous Singles’ Day sales total with a $48.7 billion haul, which is continuing to rise.

The figure released by the Chinese ecommerce giant refers to the transaction volume, which is the amount of money that is transaction across its platforms and doesn’t translate into revenue for the company.

It also doesn’t reflect returned items.

However, it still gives scope to the sheer appetite for online shopping during the major event in China that eclipses western holidays Black Friday and Cyber Monday in the US when it comes to sales.

This year’s total transaction volume beat last year’s  271.5 billion yuan ($42.4 billion) despite there still being a few hours of Singles’ Day left, with sales ending at midnight in China.

READ MORE: JD.com launches new physical shopping mall

JD’s main ecommerce rival Alibaba has yet to release its figures for transactions across its platforms yet however it is expected to smash last year’s records by analysts, despite the news it was putting sustainability first.

The event was started by Jack Ma’s Alibaba in 2009, but now retailers all over the country participate.

It was initially launched as a 24-hour bonanza, however Singles’ Day has got longer each year.

JD had a pre-sale period from Oct. 20 to Oct. 31, before official sales began immediately to continue until midnight on Friday.

This has been the main reason why JD has been able to grow its transaction volume this year.

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