Based on third-party data, total 618 sales on Tmall, JD.com and Pinduoduo reached 571.7 billion renminbi, registering a year-over-year decline of 6.9 percent.
, a monthlong shopping festival that ended around June 18, was visibly subdued — major players like Alibaba and JD.com moved away from slogans such as “the biggest 618 ever,” while livestreaming starTo be sure, online retail is recovering at a steady pace. According to the latest official data, online retail sales jumped 12.4 percent year-over-year to almost 5.77 trillion renminbi, or $795.1 billion, from January to May.
“The data we’re seeing shows solid consumption sentiment with a wide range of subcategories, which means that consumers are still willing to spend, there’s just less of a ‘craze’ than we’ve seen in previous years,” said Cooke. “The key challenge is resisting short-term revenue gains from promotional activities, which can damage brand equity,” added Roizen.
“But nowadays, consumers don’t want to place preorders and then wait over a week for the transaction and shipment to process, hence the smart cancellation of the presale,” he added.
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