China's 618 Shopping Event Brought in Sales, But Perhaps Not Profits

China’s second-largest online shopping event of the year saw significant sales, although not as high as previous years, according to analysts. Retailers like Alibaba and JD.com have traditionally used the 618 shopping festival to attract customers with promotions on various products. JD.com reported record gross merchandise value (GMV), while Alibaba’s GMV surpassed the previous year.