Nov 11, 2021 (Baystreet.ca via COMTEX) -- Chinese e-commerce giant JD.com (NAS:JD) has racked up 311.4 billion yuan ($48.6 billion) in sales across its platforms as of 14:09 p.m. Beijing time during the Singles Day shopping event, smashing through its record last year.
The figure JD.com released is referred to as transaction volume. It is the amount of money that is transacted across its e-commerce platforms and does not directly translate into revenue for the company -- and it does not take into account returned items.
Still, it's an indication of the appetite from shoppers on Singles Day or Double 11, a major shopping event in China that eclipses Black Friday and Cyber Monday in the U.S. in terms of sales.
Alibaba (NYS:BABA) began the Singles Day event in 2009 but now retailers across the country are all involved, offering huge discounts to tempt consumers into buying goods.
While it was traditionally a 24-hour flash-sale type of event, Singles Day has gotten longer each year.
JD had a pre-sale period from Oct. 20 to Oct. 31, before official sales began immediately to continue until midnight on Friday. The longer sales period is part of the reason JD has been able to grow its transaction volume this year.
In media interview, the CEO of JD's retail business said "consumer demand keeps increasing."
JD opened trading in New York Thursday up $3.91, or 5%, to $81.65.
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