Goldman Sachs Reviews 618 Shopping Festival: Taobao and JD.com Prices Approach Pinduoduo, Return Rates Rise, Algorithms Enhance Monetization

Goldman Sachs expects the total gross merchandise volume (GMV) of the 618 shopping festival to achieve low double-digit growth year-on-year. However, due to returns and order cancellations, net GMV (i.e., the final actual transaction amount) is expected to grow only by mid to high single digits.