China’s largest e-commerce websites handled $136.5 billion in sales during the countries biggest shopping event known as 618, which is held every year.
The two biggest e-commerce websites in China Alibaba.com and JD.com have officially disclosed their sales from the countries biggest shopping event.
Through their platforms the two giants made a combined $136.5 billion in sales, breaking all previous sales figures for the annually held 618 event.
Known as 618 because it falls on June 18, the shopping festival was being especially closely monitored this year as there was speculation about the negative effects the coronavirus pandemic would have on consumer spending. China is the second largest economy in the world, preceded by the United States who takes the number one spot.
Jd.com started the first 618 with Alibaba quickly following suite to start the second Singles Day on Nov 11. Although the two e-commerce giants are each others biggest competitors they both join in on the promotions despite the growing competition in the countries e-commerce sector.
In total JD.com recorded 269.2 billion yuan ($37.99 billion) while alibaba recorded 698.2 billion yuan ($98.52 billion). Those figure are said to include the total value of all orders for products and services placed on the companies online platforms.
According to those figures, Alibaba turned over 3 times more sales as opposed to the previous year when it recorded $38 Billion in sales. The company was founded On 4 April 1999 by Jack Ma with the help of 17 friends and students in his Hangzhou city apartment.
Only 6 months after being founded Alibaba received a US$25 million investment from SoftBank and Goldman Sachs bank. Today the company has a market capital of $4.70 Trillion.