Record-Breaking 618 Sets New Benchmarks for E-Commerce Sales

The 2024 “618” Grand Promotion has concluded, marking a milestone in China’s e-commerce landscape. Notably, the event reached a record-breaking gross merchandise volume (GMV) of 742.8 billion yuan. The role of livestreaming platforms as a traffic booster has been significant.

Record-Breaking GMV: Key Statistics from Syntun

According to Syntun, the GMV during this year’s “618” shopping festival surged to 742.8 billion yuan. This figure includes both traditional and livestreaming e-commerce platforms. Traditional platforms, such as Tmall, contributed a substantial 571.1 billion yuan. Tmall led the pack in this category. Meanwhile, livestreaming e-commerce platforms also saw impressive performance, generating 206.8 billion yuan. Emerging platforms like New Retail and community group buying added another 24.9 billion and 13.9 billion yuan respectively.

E-Commerce Giants Revamp “618” Promotion Strategy

This year’s promotion was distinct as e-commerce giants—Alibaba, JD, and others—shifted their strategy. They moved away from a pre-sales format, opting for an elongated promotional period. This change aimed to enhance the consumer experience. The platforms have also emphasized a user-centric approach, offering robust support to SMEs and new merchants. Leveraging AI and other productivity tools, they aim to streamline operations and boost business capabilities.

Livestreaming Platforms’ Influence on E-Commerce Sales

The rise of livestreaming platforms has been a highlight in this year’s promotion. Despite not yet matching the scale of traditional e-commerce, their influence is growing rapidly. These platforms have become vital channels for engaging consumers and driving sales. Products like Pet Foods and Personal Hygiene Products & Household Cleanings emerged as popular categories, generating significant sales.

In conclusion, the 2024 “618” Grand Promotion has set new benchmarks in China’s e-commerce sector. With a record GMV and a revamped promotional strategy, e-commerce giants are reshaping the shopping landscape. Moreover, the growing impact of livestreaming platforms signals a dynamic future for online retail. These developments underscore the sector’s adaptability and innovation.

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