Beijing-based e-commerce giant JD.com kicked off a multibillion yuan price war on Sunday night amid rising competition with peers including Alibaba Group Holding and PDD Holdings, reports the South China Morning Post.
The company has described the RMB 10 billion ($1.4 billion) subsidy campaign as “its largest sales promotion event in history,” covering a wide selection of items, such as iPhones, earphones and air conditioners, as well as groceries like milk. For example, an 128G iPhone 13 is being sold for RMB 4,649 on its Apple-authorised store, compared to an original price of RMB 5,399.
For certain products, JD.com is even offering double compensation to consumers if they can find the same good at a lower price on competitor sites Pinduoduo, the budget shopping platform owned by PDD, and Alibaba’s e-commerce platform Tmall, both of which have also kicked off March 8 campaigns.