Sales for China’s online shopping giants reached a new high in the mid-year “618” shopping extravaganza, with platforms adopting different approaches to attract consumers and boost sales.
China’s e-commerce and supply chain company JD.com Monday posted strong earnings results for the second quarter of 2020 with net revenues in the three months ended June rising 33.8% to 201.05 billion yuan ($28.5 billion).
This year’s 618 Mid-year Shopping Festival ended Thursday, with record sales of trillions of yuan from multiple online retail platforms.
On June 18, JD.com announced a strategic investment of $550 million from Google and an establishment of a broad strategic partnership between both parties.
As the clock strikes past midnight, JD.com saw a record-breaking transaction volume of 127.5 billion yuan ($20 billion) for the 618 Mid-Year Shopping Festival that took place officially on June 18. The entire record was for the period between June 1 at 00:00 a.m. and June 18 at 00:10 a.m.