Retail

JD smashes its record with $48.7 billion in sales

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GUANGZHOU, China — Chinese e-commerce giant JD.com has racked up 311.4 billion yuan ($48.6 billion) in sales across its platforms as of 14:09 p.m. Beijing time during the Singles Day shopping event, smashing through its record last year.

The figure JD.com released is referred to as transaction volume. It is the amount of money that is transacted across its e-commerce platforms and does not directly translate into revenue for the company — and it does not take into account returned items.

Still, it’s an indication of the appetite from shoppers on Singles Day or Double 11, a major shopping event in China that eclipses Black Friday and Cyber Monday in the U.S. in terms of sales.

Last year,…



Source cnbc.com

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