Better known in China simply as “618”, the festival was started by online retail giant JD.com in 2004 as a way to celebrate the anniversary of the founding of the company (June 18, 1998) by offering consumers promotional deals on a variety of products. 618 has since seen virtually all online stores and marketplaces in China offer promotional deals on that date, making the event the country’s biggest shopping extravaganza along with “Singles’ Day“. 618 now usually accounts for a significant portion of China’s online retailers’ annual sales. JD.com, for example, reported sales of USD$38B for 618 in 2020. By comparison, Cyber Monday 2020, which included the combined sales of all US online retailers, generated sales of USD$10.7B, making it the biggest shopping day in US history.
“To be able to offer the deals to attract consumers to 618, retailers on marketplaces like Alibaba’s T-Mall or JD.com must make sure they are able to meet any financing demand created by the event,” commented Shen Rao, Chief Operating Officer at Peak’s Asia Synergy Technologies subsidiary. “We worked with JD.com retailers and suppliers for almost two months leading up to the event to get them acclimated with our recently launched retailer and distributor financing programs and help provide them with the cash flow flexibility they would need to get the most out of this year’s 618.”
According to WPIC Marketing + Technologies, this year’s 618 event broke several records as more and more people were introduced to online shopping in the past 18 months due to COVID-19. JD.com alone reported sales of 343B RMB (about USD$53B) on its marketplace during the event, an increase of 39.5% compared to last year. According to China Internet Watch, the largest order volume on JD.com came from the province of Jiangsu, which is the province where Peak’s Chinese headquarters is located.
In its first year of participating in 618, Peak helped JD.com retailers and suppliers finance 789 transactions worth a combined 1.05B RMB (approximately CAD$200M). The Company hopes to be a regular contributor to the success of retailers and suppliers during 618 and other shopping events such as Singles’ Day in the future.
Wall Street Reporter’s NEXT SUPER STOCK Livestream – July 15, 2021
Peak will be a featured presenter at Wall Street Reporter’s NEXT SUPER STOCK livestream conference on Thursday, July 15, 2021 at 12:30pm EST. CEO Johnson Joseph will discuss the Company’s recent news events and short-term plans and will answer investor audience questions. Those interested can click on the following link to register and join the livestream: Next Super Stock Livestream Registration
About Peak Fintech Group Inc.:
Peak Fintech Group Inc. is the parent company of a group of innovative financial technology (Fintech) subsidiaries operating in China’s commercial lending industry. Peak’s subsidiaries use technology, analytics and artificial intelligence to create an ecosystem of lenders, borrowers and other participants in China’s commercial lending space where lending operations are conducted rapidly, safely, efficiently and with the utmost transparency. For more information: http://www.peakfintechgroup.com