Enhanced vitality of the "Double 11" consumer market

Feng Qiyu, Huang Xin, Li Pengda, 2023-11208:19:49During this year's "Double 11" e-commerce shopping festival, with the continuous launch of a large number of discounted promotional products and trendy new products, the transaction volume of e-commerce platforms has rapidly increased. Experts say that since the beginning of this year, with a series of consumer promotion policies continuously exerting significant effects and increasing market vitality, China's consumer market has maintained a stable recovery trend

Feng Qiyu, Huang Xin, Li Pengda, 2023-11208:19:49

During this year's "Double 11" e-commerce shopping festival, with the continuous launch of a large number of discounted promotional products and trendy new products, the transaction volume of e-commerce platforms has rapidly increased. Experts say that since the beginning of this year, with a series of consumer promotion policies continuously exerting significant effects and increasing market vitality, China's consumer market has maintained a stable recovery trend.

E-commerce platforms are sprinting with all their might

Against the backdrop of sustained macroeconomic recovery, various parties have paid more attention and expectations to the consumer market, and the trend of the "Double 11" market is particularly eye-catching. E-commerce platforms take the opportunity to launch promotional activities such as coupons, subsidies, and discounts to stimulate consumers' shopping enthusiasm.

On the evening of October 31st at 8pm, Tmall's "Double 11" officially opened for sale, with 155 brands selling and selling exceeding 100 million yuan. The first hour of 71900 brand transactions exceeded the full day of the first day of last year, and 29 live streaming rooms opened exceeding 100 million yuan.

Since the launch of JD's "Double 11" campaign, over 140 million consumers have flocked to the "JD Procurement and Sales Official Live Room". The first week's transaction volume of JD Home Appliances and 3C digital sales live streaming rooms both increased by 10 times compared to the same period last month. JD Supermarket's first sales live streaming set a record of over ten million views.

Yaojing's Little Store "is a design studio specializing in trendy toys and IP peripherals. It is the first time this year to participate in Tmall's" Double 11 ". Since the beginning of 2023, the store has launched more than 20 new products and sold a total of 30000 plush toys. Yao Jing said that he hopes to make more consumers like his designs and products through this year's "Double 11".

This year is the first "Double 11" since the establishment of Taotian Group. It is understood that for merchants participating in the "Double 11" event for the first time this year, Tmall has not only relaxed the number of products that can be registered, but new merchants also have the opportunity to receive up to 50000 yuan in business incentives, as well as benefits such as free deposit. At the same time, they can also enjoy services such as expanding product categories, hosting services, shipping insurance subsidies, financial rights, logistics subsidies, etc.

Data shows that the number of individuals and individual businesses participating in this year's JD "Double 11" activity and achieving business data growth has increased by more than 11 times compared to the same period last year.

Hong Yong, an associate researcher at the E-commerce Research Institute of the Research Institute of the Ministry of Commerce, stated that the current consumer market is characterized by fragmentation and personalization. The country is also continuously increasing its support for small and medium-sized enterprises, and e-commerce platforms continue to release benefits, which is conducive to promoting a new round of innovation and entrepreneurship for small and medium-sized merchants.

Price competition calls for win-win quality

Price competition is one of the focuses of competition on e-commerce platforms. JD shouted the slogan of "really cheap" to the end. Tmall Taobao set "the lowest price of the whole network" as the core goal, and Pinduoduo and Tiktok "Double 11" promoted the same focus on low prices.

This year's "Double 11", Tmall launched its official discount for the first time, with one item discounted and no need to make up the order. It is expected that more than 80 million yuan of best-selling products will fall to the lowest price of the year, and a new "Double 11 Daily Low Price" will be added throughout the entire process of "Double 11". JD launched a 10 billion subsidy day event as early as October 31st. In a week, JD's 10 billion yuan subsidy channel generated over 1.2 million popular products, and the channel's user base increased nearly five times compared to June.

Offline retail is also actively participating in the "Double 11" competition to grab customer flow. A batch of new business districts have made new appearances in various regions, and during the "Double 11" period, physical stores have increased their promotion efforts, coupled with the issuance of consumer vouchers in various regions, resulting in a growth trend in offline sales. In addition, thanks to the unique advantages of "local supply+instant demand+instant delivery" in real-time retail, offline physical stores have also achieved online borrowing. Data shows that during the "Digital Home Appliance Category Day" period, mobile phone sales increased by 800% compared to the same period last year, household appliances increased by 300%, and household appliances such as televisions and washing machines all grew by over 500%.

Wei Jianguo, Vice Chairman of the China Center for International Economic Exchange, stated that increasing the richness of product supply based on low prices can unleash the market potential of different consumption levels, thereby providing more market opportunities for enterprises and achieving common prosperity on the supply and demand sides.

Li Mingtao, Dean of the Research Institute of China International E-commerce Center, stated that the most important aspect of winning consumers and maintaining the brand value of the platform during the "Double 11" period is still how to continuously improve the consumer experience, including multi-dimensional consumer experiences such as price, quality, and service, in order to achieve low price, high quality, and excellent service.

The vitality of the consumer market is constantly increasing

Since the beginning of this year, with a series of consumer promotion policies continuously exerting significant effects and increasing market vitality, China's market sales have recovered, basic living and upgrading goods have been sold well, online and offline consumption has steadily increased, and the demand for service consumption has continued to be released.

In the first three quarters of this year, China's service retail sales increased by 18.9% year-on-year, significantly higher than the retail sales of goods. After the launch of JD's "Double 11" event, travel services have become popular, with the transaction volume of outbound vacation tours increasing by over 5 times year-on-year, the transaction volume of air ticket business increasing by over 300% year-on-year, and the transaction volume of blind box and sub card products for air tickets increasing by over 13 times year-on-year.

The logistics situation also reflects the popularity of consumption. The first wave of express delivery business in the 'Double 11' this year has seen a higher growth rate compared to the same period in previous years, indicating a strong consumer motivation, "said Zhou Zhicheng, director of the Research Office of the China Federation of Logistics and Procurement.

Experts say that throughout the year, as the effects of policies to expand domestic demand and promote consumption continue to emerge, combined with the driving effect of the peak consumption season at the beginning of the year, consumption is expected to continue to show a steady recovery trend in the fourth quarter, and there is a foundation for achieving the annual target tasks. But it should also be noted that the current recovery in consumption is not yet balanced. Data shows that the CPI experienced a negative year-on-year growth in October. Experts say this reflects that current consumer demand is still weak, and the foundation for economic recovery needs to be further consolidated. Macro policies need to continue to provide necessary support to accelerate the recovery of demand and push supply and demand into a virtuous cycle.

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