China is in the midst of the annual “618” shopping festival where the country’s e-commerce giants Alibaba and JD.com try to entice shoppers with huge discounts.
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"As cities reopen, we should expect a huge boost in online consumption, in addition to footfall returning to stores. Although we are seeing a clear trend of downward growth rates for major shopping festivals, every e-commerce platform is presenting its largest promotion scheme ever to attract consumers back online this summer."
Alibaba and JD.com are both battling to attract consumers. JD is offering shoppers a 50 yuan discount for every qualified 299-yuan purchase. Alibaba's online shopping platform Tmall said it was freezing the price of 19 million products until July 5. The company's bargain shopping platform Taobao Deals has a million 10 yuan items on offer.
Still, not all analysts have a rosy outlook. Jacob Cooke, CEO of WPIC, an e-commerce tech and marketing firm that helps foreign brands sell in China, said that this year's 618 is unlikely to be setting records in terms of sales.
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