Why did the "Double 11" suddenly become deserted this year?

The early "Double Eleven" shopping festival was basically only a day or a few days before and after November 11th, but the transaction volume across the entire network has reached new highs. This year's Double Eleven, various e-commerce platforms have been preparing since late October, and even after half a month, it still became the worst Double Eleven in history!Data shows that from 2017 to 2022, the total online sales of the Double Eleven have gradually increased, reaching 253

The early "Double Eleven" shopping festival was basically only a day or a few days before and after November 11th, but the transaction volume across the entire network has reached new highs. This year's Double Eleven, various e-commerce platforms have been preparing since late October, and even after half a month, it still became the worst Double Eleven in history!

Data shows that from 2017 to 2022, the total online sales of the Double Eleven have gradually increased, reaching 253.9 billion, 314.3 billion, 410.1 billion, 761 billion, 965.1 billion, and 1115.4 billion, respectively. However, the total sales data for 2023 is only 243.4 billion yuan, of which Alibaba's various platforms have a turnover of 189.8 billion yuan, JD's turnover of 26.8 billion yuan, and Pinduoduo's turnover of 15.6 billion yuan. It can be said that the entire e-commerce industry has suddenly become deserted, why is this situation happening? Let's break through the fog and talk about our opinions!

Firstly, consumers have become immune to platform routines. In the past, with the frenzied expansion of the e-commerce industry, e-commerce platforms launched many activities to attract users, such as grabbing red envelopes, playing games, and inviting friends to receive red envelopes. However, in the end, it was found that many merchants were playing the "price up first, then price down" routine. Users not only did not receive real discounts, but also had higher prices during the Double 11 period. In the end, users not only lost valuable time, Even caught some merchants' tricks and overpaid by several hundred yuan.

Although regulatory agencies have repeatedly issued orders for this type of practice, some businesses still face this problem due to the trend of windfall profits and the mentality of gamblers. The most typical example is that some time ago, Mr. Qi, who rushed into the hot search of public opinion, even requested the brand side to sign a minimum price agreement with him on the entire network. In order to subsidize consumers, JD lowered the price to the lowest possible price. Therefore, Mr. Qi pressured the brand side to sue JD for arbitrarily lowering the price. This behavior also makes consumers realize that "the lowest price on the internet" is just a gimmick, not a minimum price.

Secondly, consumers are also unable to move. In the past few years, "flaunting wealth" may have been a fashion trend, but in recent years, there have been fewer friends sharing luxury goods, and discussions about "flat replacement" have also increased. "Downgrading consumption" has become a hot search term in this era. Just like this, the rise of China-Chic brand has also become a major trend. The public is paying more attention to the cost performance of products, and spending money on improving happiness and quality of life, which has become a hot spot of current new consumption.

In addition, having food in hand and not feeling anxious, especially in the past three years of the pandemic, has made everyone aware of the need to save money to cope with emergencies such as unemployment, illness, and other situations. Data shows that as of the end of June this year, the balance of RMB deposits reached 278.62 trillion, a year-on-year increase of 11%. Especially when the global economy is sluggish, many companies are facing huge challenges. Some companies are under too much pressure to lay off employees and reduce salaries, which leads to many people not daring to spend their money at all, afraid of not being able to afford illness or elderly care, and having to save money for future use.

To change this situation, it actually takes some time and requires multiple approaches, such as:

Firstly, it is a common phenomenon for an e-commerce platform to have tens of thousands of employees and generate tens of billions of revenue. However, a live streaming team of two to three hundred people can earn billions or even tens of billions of profits, and price monopolies must be established through "insurance agreements". Although e-commerce is currently the main industry, it has also widened the gap between rich and poor. To boost consumer confidence, it is still necessary to promote the continuous recovery of the real industry, stabilize various economic entities, and stabilize employment. Only in this way can people dare to consume and be willing to consume.

Secondly, the homogenization and lack of innovation of e-commerce platforms. Perhaps in order to avoid making mistakes, many platforms have chosen to follow the trend, which has led to a serious homogenization of the forms and content of activities on the Double Eleven platforms. Activities such as discounts, rebates, full discounts, flash sales, and game missions have been used repeatedly for many years, and consumer interest and participation have become increasingly low. The platform needs to pay attention to the real needs and feedback of consumers, optimize the shopping experience, and even save time. Only by allowing consumers to truly benefit from the "Double 11", will the market gradually improve.

What do you think about this matter?

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