Domestic consumption has shown more signs of recovery since April, driven by the resumption of production and the Chinese government's stimulus plans. Many platforms have issued considerable subsidies to stimulate consumers' confidence in online shopping, taking a good example, the online shopping spree, known as the June 18.
Established by JD years ago, the "6.18" mid-year festival is a big online shopping festival similar to Double 11 (11.11) or Singles' Day launched by Alibaba. The June 18 online shopping festival is the largest e-commerce promotional activity in H1 of China, as the country has largely put the coronavirus outbreak under control. Alibaba, JD, Pinduoduo all are joggling for a bigger slice of online shopping spree.
Each company claims to offer its largest ever
discount rate, with tens of billions in subsidies. JD has announced it is
offering at least 10 billion yuan in rebates and 100 billion yuan worth of
discounts, making this year's event the biggest ever. Alibaba's Tmall.com is
offering an unprecedented 15 billion yuan in promotional vouchers. Alibaba's
Tmall.com, saw its trading volume in the first hour of the festival increase
100 percent compared to last year, data released by Tmall said. Alibaba said
its trading volume from June 1-18, the online shopping festival, hit a record
high of 698.2 billion yuan ($98.49 billion). Accumulated orders on JD.com, the second
largest e-commerce platform after Alibaba, hit 269.2 billion yuan ($33 billion)
on the June 18 festival, up from 179.5 billion yuan last year. And 10 minutes
after the festival started, Jingdong Supermarket's overall turnover had
increased 500 percent, and the turnovers of over 2,000 brands had increased 100
percent year-on-year. Just 10 minutes after the festival was opened, Huawei
took the lead with its turnover increasing by more than 300 percent
year-on-year, while Apple broke the 100 million yuan sales mark in just five
seconds on JD.com.
The huge number of online deals shows that China's domestic consumption power has recovered now.
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