Insight Series: China’s “618” Shopping Festival under the Pandemic

Launching online stores became the essential choice for overseas brands

· E-Commerce

The e-commerce market in China has still been recorded growth despite the global downward trend

The global retail market is affected by the pandemic unprecedentedly. However, China's online economy has still been recorded growth despite the global downward trend. The volume of online retail sales has reached RMB 11.76 trillion in 2020, with an increasement of 10.9%. More brands and companies has transformed their business from offline to online, generating extra profits by setting up the online store in major e-commerce platforms in China such as Taobao.com and PinDuoDuo.com.

Source: National Bureau of Statistics of China

Social e-commerce platform - PinDuoDuo becomes the second largest e-commerce platform in China

The e-commerce platform in China is helping retail brands to recover from the loss due to the pandemic. The sales revenue of e-commerce market in China has been increased by 13.3% in 2020, with the help of various promotional activities such as “618” and “11.11” shopping festivals. Apart from traditional e-commerce platforms such as Taobao.com and JD.com, social e-commerce platforms like Pinduoduo.com also achieved outstanding sales performance during the festivals.

Source: https://zhuanlan.zhihu.com/p/349418938

In 2020, the users of Pinduoduo.com had surpassed JD.com and become the second-largest e-commerce platform in China. By promoting its group-buy discount strategy, PinDuoDuo.com is highly accepted by customers in China with its discounted prices of products.

Source: https://www.qianzhan.com/analyst/detail/220/200717-41783050.html

The “618 Shopping Festival”of 2021 is coming soon. As the pandemic continues, all retails brands would like to figure out the best way to acquire more online traffics effectively and efficiently. Develop or expand the business in the China market under the pandemic is the key point of brands to get survive from the downward trends during the pandemic.

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