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Alibaba, JD.com claim big win in Singles’ Day sales as consumer spending bounces back
Alibaba Group Holding and JD.com wrapped up their respective Singles’ Day promotions this year, with both Chinese e-commerce giants claiming strong results that signify a rebound in domestic consumer spending during the world’s largest annual shopping festival.
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Taobao and Tmall Group (TTG), Alibaba’s domestic e-commerce business unit, on Tuesday said its Singles’ Day campaign had “a record number of active buyers”, while JD.com reported a more than 20-per cent increase in the number of shoppers from a year ago. Alibaba owns the South China Morning Post.
Both TTG and JD.com, however, continued to withhold the overall gross merchandise value (GMV) achieved by their promotions. This has been the two firms’ practice since 2022.
Still, TTG said 45 brands on the Taobao and Tmall platforms – including Apple, Xiaomi and Nike – each recorded more than 1 billion yuan (US$139 million) in sales during Alibaba’s Singles’ Day campaign. A total of 589 brands on the platform each crossed the 100-million-yuan GMV mark, up from 402 a year ago.
JD.com, meanwhile, said more than 17,000 brands on its platform each achieved over five times transaction-volume growth during its Singles’ Day campaign, compared with last year. About 30,000 small- and medium-sized merchants on JD.com each recorded a 200-per cent year-on-year increase in transaction volume.
Those results show that Alibaba and JD.com’s move to start their campaigns on October 14, earlier than previous years, has paid off amid the roll-out of China’s most significant stimulus package since the pandemic, which prompted mainland consumers to loosen their purse strings and give a boost to the domestic retail sector.
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