Markets

China's JD.com Posts Better-than-expected Earnings

China's JD.com Posts Better-than-expected Earnings

Analysts have come forward to outline that it exceeds the combined sales for Cyber Monday and Black Friday in the United States.

While veterans were recognized in the US and those fallen in the Second World War were to be remembered in Europe, in China, this November 11 was to celebrate singles.

The NT$740 million is 10 times higher than its average daily revenue, setting a new record for a daily high, Momo.com said, adding that online visitors on Saturday jumped 56.25 percent annually to reach 7.5 million.

"Singles Day in China makes the US consumer look like an irrelevance", O'Neill said.

The event began soon after a star-studded event in Shanghai late on Friday. Total mobile GMV settled through mobile payments platform Alipay accounted for an astounding 90% of total GMV, compared to 82% a year ago. An astonishing 82 per cent of 11.11 sales were via mobile devices and 27 per cent of total sales were from worldwide brands or merchants.

A sign of China's e-commerce company JD.com is seen during the third annual World Internet Conference in Wuzhen town of Jiaxing, Zhejiang province, China November 16, 2016.

Six merchants sold more than $150.9 million on the site while another 17 sold in excess of $75.4 million. Of the 140,000 brands and retailers that participated in the event, 60,000 of them were global. "India is a very important market for us to look at", said Zhang on the sidelines of the company's 11.11 Global Shopping Festival. "It represents the aspiration for quality consumption of the Chinese consumer, and it reflects how merchants and consumers alike have now fully embraced the integration of online and offline retail", he said.

If you're single, you might want to consider moving to China, as Alibaba Group Holding Ltd (NYSE:BABA) has created the kind of anti-Valentine's Day shopping extravaganza that many flying solo in the states spend on holiday lattes. To that end, the festivities included 60 pop-ups as well as tech features in 100,000 stores throughout the country. The company noted that November 11 made up by far the largest spike in sales.

An analyst following the market trends said, "As tills shut midnight on Saturday, Alibaba's live sales ticker registered 168.3 billion yuan, up 39 percent from 120.7 billion yuan previous year". Sales for activewear brands like Columbia and North Face reportedly increased by 800 percent and 400 percent, respectively.


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