Syntun|2024 "618" Promotion Report: The GMV during China "618" promotion reached 742.8 billion yuan, and the livestreaming platforms became a traffic booster

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Jun 19, 2024, 07:18 ET

BEIJING, June 19, 2024 /PRNewswire/ -- The "618" Grand Promotion of 2024 has drawn to a close, a landmark event that has ushered in a new era of simplified shopping. This year's event has eschewed the traditional pre-sales format in favor of an elongated promotional period designed to improve the consumer experience. E-commerce titans—Alibaba, JD, Pinduoduo, Douyin, and Kuaishou—have harmonized their event schedules to facilitate a more convenient and efficient shopping journey for consumers.

Syntun: The GMV during China "618" promotion reached 742.8 billion yuan (PRNewsfoto/Syntun Ltd.)

The platforms have recalibrated their operational focus, moving from a growth-driven to a user-centric approach. This strategic realignment is evident in the comprehensive support provided to SMEs and new merchants, which includes the deployment of AI and other state-of-the-art productivity tools to bolster their business capabilities.

The livestreaming platforms have become a highlight of this year's promotion, but despite its rapid development, the scale and service are still no match for traditional e-commerce.

For many years, Syntun is monitoring and releasing "618" sales data as a third-party platform, in order to bring a more impartial and objective perspective to the public.

According to Syntun, during 2024 China "618" shopping festival (Tmall: 20:00 20th May. 2024 – 23:59 18th June. 2024; JD: 20:00 31st May. 2024 – 23:59 18th June. 2024; the period for other platforms is from the start time of "618" Promotion announced by them to 23:59 18th June. 2024), the GMV of the major e-commerce platforms (only including traditional e-commerce platforms and livestreaming e-commerce platforms) was 742.8 billion RMB. The GMV of traditional e-commerce platforms (including Dian Tao) was 571.1 billion, with Tmall platform ranking first. Livestreaming e-commerce platforms performed brilliantly, with the GMV of 206.8 billion. The GMV of New retail platform and community group buying platforms were 24.9 billion RMB and 13.9 billion RMB respectively. In terms of sales categories, Pet Foods and Personal Hygiene Products & Household Cleanings become popular categories with the GMV of 5.5 billion RMB and 15.1 billion RMB respectively.

For more details about the "618", please click the link: (PDF)

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