More evidence of a record-setting Singles’ Day shopping festival last month.
China’s e-commerce logistics index, which measures volume on China’s e-commerce logistics network, hit a seven-year high in November—clocking in at 115.5. The index is based on a survey conducted by the China Logistics and Purchasing Federation alongside JD.
Our data at WPIC indicated 16% YOY growth in GMV during Singles' Day. Some commentators said that GMV growth was a poor reflection of consumption due to the prevalence of instant returns—whereby consumers checked out a high volume of goods to hit discount thresholds, but then instantly returned the products after checkout before they were shipped.
The problem with this critique is that consumers do this every shopping festival—it's not a new phenomenon. We felt that despite this practice, sales growth was up YOY.
The growth in the logistics index proves that a record high number of goods were shipped during the month of November.
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3mo-"Here it comes.....So watch out!"