E-commerce

618 proves to be a winning date for Alibaba, JD.com

Photo by istock.com

June 22, 2020

The annual online shopping event, 618, (so named for the June 18 date it occurs), drew billions in sales for Chinese e-commerce leaders JD.com and Alibaba.

In fact, this year's event saw $136.51 billion in sales and may reveal an economic recovery for China is in progress in the wake of the devastating COVID-19 pandemic, according to a CNBC report.

About $37.99 billion in transactions took place on JD.com, and Alibaba's gross merchandise value for the day hit $98.52 billion.