(Yicai Global) June 18 – China's JD.Com, Suning.Com, Tmall e-commerce platforms promoted their events for the 618 online shopping fest by greater integration of online and offline services and exploring and exploiting third- and lower-tier markets as first- and second-tier cities reach saturation point.
Beijing-based JD.Com's home appliance business took just two minutes and 36 seconds to log overall turnover of more than CNY1 billion (USD145 million), starting from midnight, while its air-conditioning division moved CNY100 million in goods in the first seven seconds.
Guangdong province-based Midea Group and Gree Electric and Shandong province-based Haier Group -- all large Chinese electric appliance makers -- each racked up more than CNY100 million in sales within three minutes.
Retailer Suning.Com's purchase orders climbed over threefold annually in one hour after the 618 shopping carnival kicked off. The Nanjing-based firm operates over 6,000 physical outlets nationwide and serves more than 40,000 communities and this gives it an edge in supply channels, noted Hou Enlong, its president.
Tmall has added over100 million annual active consumers thus far this fiscal year, 77 percent of whom hail from third- and fourth-tier cities and rural areas, the financial report of its operator, Hangzhou, Zhejiang province-based e-commerce behemoth Alibaba Group Holding, shows.
The revenue of Alibaba's core e-commerce business grew 51 percent annually in this fiscal year, boosted by its greater investment in third-and lower-tier markets and the new retail and local lifestyle sectors.
China's other big online shopping spree, the Singles' Day or Double 11 festival that falls on Nov. 11, originally a student Valentine's Day protest, was popularized by Alibaba's Tmall, while JD.Com pioneered 618 to celebrate its anniversary.
Editor: Zhang Yushuo, Ben Armour