Here’s How Alibaba And Others Fared In China’s June Shopping Extravaganza

China’s shopping extravaganza “618” (from May 31 to June 18) registered a GMV of 695.9 billion RMB from the major e-commerce platforms, including traditional e-commerce platforms and live-streaming e-commerce platforms.
The GMV of traditional e-commerce platforms was 582.6 billion, led by Alibaba Group Holding Limited (NYSE:BABA) Tmall platform as per a data service provider.
JD.com, Inc’s (NASDAQ:JD) rose 10.3%, missing the 2021 event’s growth of 27.7% amid China’s intense tech crackdown, economic slowdown further perpetrated by the Covid lockdowns, Reuters reports.
Also Read: Alibaba Hands Out Bulk Of 2021’s Antitrust Penalty; China Signals Ease In Crackdown As It Continues To Monitor Tech Sector
Chinese shoppers purchased 379.3 billion yuan ($56.48 billion) of goods on JD’s platform.
Major e-commerce platforms offered attractive discounts to lure customers, while some companies reportedly scaled down participation.
Livestreaming e-commerce platforms posted a GMV of 144.5 billion.
New retail platforms clocked a GMV of 22.4 billion yuan, and community group buying platforms posted a GMV of 15.3 billion yuan.
Internet platforms and offline stores joined, including Douyin and Kuaishou Technology (OTC:KUASF).
Household appliances remained one of the popular categories, with a GMV of 87.9 billion RMB.
Alibaba saw the slowest ever sales growth of just 8.5% during China’s most popular shopping event, Singles Day, last November as a precursor to the 618.
Price Action: BABA shares traded 0.07% lower at $102.55 premarket on the last check Tuesday.