JD and Alibaba both reported another storming Single’s Day, the now-infamous Chinese shopping festival, which took place this weekend.
At JD.com transaction volume reached a record RMB159.8 billion, with shoppers flocking to the site for everything from L’Oréal and SK-II to Pampers. Products from the US, Japan, Germany, the Netherlands and South Korea were the most popular.
“There is a noticeable shift in China toward quality over price, which we see in the growing numbers of consumers who are willing to pay more for branded and imported goods,” said Lei Xu, CMO of JD.com and CEO of JD Mall. “By establishing trust with consumers and brands, thanks to our zero-tolerance policy toward fakes and our innovations in areas such as blockchain traceability for product safety, JD is in a unique position to meet that demand.”
Meanwhile, Alibaba reported its biggest 11.11 yet, celebrating 10 years of the Global Shopping Festival. Global Merchandise Volume stood at RMB213.5 billion, up 27 percent on last year’s figures as the gong sounded the close of the event.
“I think you have to understand Alibaba and what Alibaba’s doing in the context of the long-term secular trend that’s developing in China, which is the rise of the Chinese middle class,” said Alibaba Executive Vice Chairman Joe Tsai. “That trend is not going to stop, trade war or no trade war.”