The GMV during China’s “618” promotion reached 742.8 billion yuan, and live streaming platforms became a driving force for traffic

BEIJING, June 19, 2024 /PRNewswire/ — The big “618” promotion of 2024 has come to an end, a groundbreaking event that ushered in a new era of simplified shopping. This year’s event moved away from the traditional pre-sale format in favor of an extended promotional period aimed at improving the consumer experience. E-commerce giants Alibaba, JD, Pinduoduo, Douyin and Kuaishou have unified their event schedules to facilitate a more convenient and efficient shopping journey for consumers.

Syntun: GMV in China "618" promotion reached 742.8 billion yuan (PRNewsfoto/Syntun Ltd.) — Syntun: GMV during China’s “618” promotion reached 742.8 billion yuan (PRNewsfoto/Syntun Ltd.)

Platforms have recalibrated their operational focus, shifting from a growth-first to a user-centric approach. This strategic shift is evident in the comprehensive support provided to SMEs and new merchants, which includes the implementation of artificial intelligence and other cutting-edge productivity tools to enhance their business opportunities.

The highlight of this year’s promotion were livestreaming platforms, but despite their rapid development, their scale and service still do not match traditional e-commerce.

For many years, Syntun has been monitoring and publishing “618” sales data as a third-party platform to provide the public with a more unbiased and objective perspective.

According to Syntun during China’s “618” shopping festival in 2024 (Tmall: 20:00 20th of May. 2024 – 23:59 June 18. 2024; JD: 20:00 May 31st. 2024 – 23:59 June 18. 2024; the period for other platforms is counted from the start of the “618” promotion announced by them until 23:59 on June 18. 2024), The GMV of major e-commerce platforms (including only traditional e-commerce platforms and live e-commerce platforms) was RMB 742.8 billion. GMV of traditional e-commerce platforms (incl Diana Tao) amounted to 571.1 billion, and the Tmall platform took first place. Live streaming e-commerce platforms performed exceptionally, achieving GMV of 206.8 billion. The GMV of the new retail and community group buying platforms was 24.9 billion RMB AND RMB 13.9 billion appropriately. In terms of sales categories, pet food and personal care products and household cleaning products are becoming popular categories with GMV 5.5 billion yuan AND 15.1 billion RMB appropriately.

For more information about “618”, click the link: (PDF)

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