Nov 12, 2022|
JD.com’s Record-breaking 2022 Singles’ Day Grand Promotion Reflects Robust Consumption Vitality
JD.com’s record-breaking 2022 Singles’ Day Grand Promotion came to its end at 24:00 on November 11, concluding the 11-day promotion which started at 8 pm on October 31. Growth rate exceeded the industry average. Since last year, JD.com began kicking off the promotion 4 hours before midnight, allowing consumers to place orders without having to pull an all-nighter.
During this Singles’ Day stint, high quality products and big brands have become consumers’ favored choices across product categories. In the first minute of JD Singles’ Day “Peak 28 Hours” starting at 8 pm on November 10, Apple saw transaction volume jump over RMB 1 billion yuan. In these first ten minutes, transaction volume of gaming TVs, fresh air ACs, and self-cleaning sweeping robots increased 100% year on year. Transaction volume of XR glasses and XBOX increased three times. Transaction volume of top fashion brands from LVMH Group including BVLGARI, CELINE, FENDI, and LOEWE increased 18 times. At the same time, transaction volume of 87 international beauty brands increased 200%, and over 500 international brands on JD Worldwide, JD’s import product platform, increased over 100%.
“We have partnered with JD.com for 19 premium brands in the categories of fashion clothing, bags, jewelry, watches, wines and spirits, perfumes and cosmetics. During this year alone, we have added 10 key brands to the collaboration,” said Andrew Wu, LVHM Group President of Greater China. “Congratulations to JD.com for its continuous progress.”
Sales data reflects growth in shopping confidence, with consumers continuing to pursue solid products, prices and services. During the whole Singles’ Day promotion, JD’s price guarantee service was clicked over 500 million times, eradicating consumers’ worries about price changes over 30 days.
Consumption on new products continues to grow, and new users are vitalizing the market. JD.com provided nearly 20 million new items this Singles’ Day, with the total transaction volume increasing 1.57 times compared with the same period in October, of which half achieved a month-on-month growth rate of over 200%. According to JD.com’s data, the best-selling new products fall under the categories of cell phones, laptops, washing machines, refrigerators and flat TVs. As for new users, customers aged under 35 account for 63 percent of the total new customers on JD.com.
Consumption in mid- and lower-tier markets has grown healthily. Average basket size from new lower-tier market consumers increased 12% year on year. Consumers in these markets also buy electronics and home appliances more often. Transaction volume of home appliances in fifth- and sixth-tier cities increased 97 percent compared with last year. During the promotion, transaction volume of nearly 10,000 kinds of agricultural products surpassed RMB 100,000 yuan, with 23 percent of fresh produce realizing 100% growth rate in sales.
JD.com also actively promotes the green consumption concept. Since the beginning of 2022 until now, JD Home Appliance’s trade-in service has helped reduce 262,000 tons of carbon emissions.
“This Singles’ Day, JD.com further increased its investment in optimizing the ecosystem, lowering operations costs and improving service guarantees, to help brands and merchants, especially SMEs, seize growth opportunities,” said Lijun Xin, CEO of JD Retail. In the first 28 hours starting at 8 pm on October 31, transaction volume of nearly 50,000 small and medium-sized brands and 70,000 small and medium-sized merchants increased 100 percent. Consumer-to-Manufacturer (C2M) enables partners to embrace fast growth and reduce product launch time by 67%. Transaction volume of C2M-based products increased 32.7 times this Singles’ Day.
Additionally, more than 200,000 nationwide physical stores launched on JDDJ and Shop Now, an increase of 100 percent compared with last Singles’ Day, to offer on-demand retail service with one-hour delivery to consumers.
Behind the scenes, thanks to JD’s self-owned 1,400+ warehouses, smart supply chain and logistics infrastructure, hundreds of delivery robots and so on, customer orders are being processed swiftly to be delivered to customers’ doorsteps nationwide.