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JD.com’s Slowest Growth Ever During Shopping Event 618

Chinese company JD.com reveals its worst performance in the famous 618 shopping event in China

This year’s numbers were the worst for the retailer, showing the weak enthusiasm of consumers within the second largest economy in the world due to the closure and quarantine to prevent the spread of the Omicron mutant in the country in addition to the difficult economic conditions, as the value of Chinese shoppers’ purchases of goods amounted to about 379.3 billion yuan ( 56.48 billion dollars) on JD during the 618th shopping event. Read more [JD Beats Expectations Despite Slowest Quarterly Growth].

Event 618 is China’s second largest shopping festival after Singles’ Day in November, and was first launched in 2004 to mark the anniversary of JD.com’s founding. As for the company’s competitors such as Alibaba Group and Pinduoduo, most tend not to post their sales at the 618 event.

However, consultancy Syntun estimates that online commerce platforms including Alibaba’s Tmall as well as JD.com and Pinduoduo collected a total of 582.6 billion yuan ($86.75 billion) in sales during this year’s 618th event, which It is an almost constant volume of sales compared to last year’s sales of 578.5 billion yuan. Read more [JD.com Website Posts Record Sales on Singles Day].

Over the past three months, China has battled the Omicron mutant and had to impose strict closures to prevent the spread of Covid-19 infections in dozens of cities, which in turn hit consumer spending and supply chains, and in order to stimulate demand during this year, e-commerce platforms have pushed brands to offer big discounts at Shopping Event 618, but some of them were already planning to reduce their participation in this festival. Read more [JD.com Administration Changes And Creation of New Position].

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