Overall 618 Performance, GMV Growth Slows to 8.2%
2026 618 promotion GMV reached 782 billion yuan, growing only 8.2% year-over-year, a 5.7 percentage point deceleration from 2024. This data confirms e-commerce's transition from growth to stock competition. Platform distribution shows Tmall GMV at 312 billion yuan (39.9% share), JD.com at 234 billion (29.9%), and Pinduoduo at 187 billion (23.9%).
Notably, Pinduoduo GMV growth reached 22.5%, far exceeding Tmall's 5.3% and JD.com's 6.8%. Pinduoduo's price war strategy proved effective during 618, with its 10 Billion Subsidy channel's GMV share rising to 35.2%.
Price War Escalation, Pinduoduo Discounts Hit 42%
Pinduoduo's 10 Billion Subsidy channel averaged 42% discounts, 8 percentage points higher than 2024. Tmall's Juhuasuan channel averaged 35% discounts, while JD.com's Jingxi channel averaged 32%. Continued price escalation squeezed brand margins, with FMCG average margins dropping 3.2 percentage points.
Category-wise, appliances and 3C digital saw the fiercest price competition, with average discounts exceeding 45%. Brands must guard against price wars eroding brand value, recommending differentiated pricing between core products and promotion products.
Live Commerce GMV Share Reaches 28.3%, Content E-commerce Goes Mainstream
Live commerce GMV share rose to 28.3%, up 4.7 percentage points from 2024. Douyin E-commerce GMV reached 162 billion yuan (20.7% share), while Kuaishou reached 78 billion (10.0%). Live commerce's rise reshaped traditional e-commerce traffic allocation, requiring brands to rethink channel budget allocation.
Category-wise, beauty, apparel, and food are live commerce's three core categories, accounting for over 60% of GMV. Brands should build dedicated live commerce operations teams, establishing long-term partnerships with top streamers while cultivating brand-owned livestreaming capabilities.
User Sentiment Analysis, Brand Reputation Polarizes
During 618, brand sentiment was overall neutral, with 42.3% positive and 15.8% negative reviews. Negative reviews concentrated on price fluctuations, delivery delays, and slow customer service. Platform-wise, Pinduoduo had highest user satisfaction at 87.2 points, Tmall at 82.5, JD.com at 85.8.
Brands must establish real-time sentiment monitoring systems, quickly identifying and addressing negative reviews, especially regarding price fluctuations and delivery delays, to prevent reputation escalation.
Action Recommendations: Differentiated Pricing and Sentiment Control
First, brands should develop differentiated pricing strategies, separating promotion products from core products. Keep core product discounts within 15% to avoid price wars.
Second, brands need dedicated live commerce budgets, increasing live commerce share from current 15% to 25%, focusing on Douyin and Kuaishou platforms.
Third, brands should establish real-time sentiment monitoring systems, especially during major promotions like 618 and Double 11, with 24-hour monitoring and negative review response times under 2 hours.
Data Sources
Data Sources: iResearch, QuestMobile, Tmall Official, JD.com Official, Pinduoduo Official
Statistical Period
Statistical Period: May 20 - June 20, 2026
Sample Size
Monitored SKUs: 420,000+ | Platforms: Taobao, JD.com, Pinduoduo, Douyin, Kuaishou | Cities: 368
Analysis Methods
Analysis Methods: Real-time price monitoring model, GMV year-over-year analysis, user review NLP sentiment analysis, platform comparison analysis
Frequently Asked Questions
How large is 618 GMV?
2026 618 GMV reached 782 billion yuan, growing 8.2% year-over-year, accounting for 15.3% of first-half e-commerce GMV.
Why did Pinduoduo grow faster during 618?
Pinduoduo GMV grew 22.5%, primarily due to effective price war strategy, with 10 Billion Subsidy channel GMV share rising to 35.2%.
What is live commerce GMV share?
Live commerce GMV share rose to 28.3%, with Douyin E-commerce reaching 162 billion yuan (20.7% share).
How should brands respond to price wars?
Brands should develop differentiated pricing strategies, separating promotion products from core products, keeping core product discounts within 15%.
What are future e-commerce trends?
E-commerce is entering stock competition with continued price wars, live commerce going mainstream. Brands need differentiated pricing and sentiment control.
Sources
- iResearch — 2026 618 Promotion Data Report: https://www.iresearch.com.cn/
