Global EditionASIA 中文双语Français
Business
Home / Business / Macro

Quality focus rules Singles Day shopping gala

Experts say online sales event playing vital role in lifting consumption

By FAN FEIFEI | China Daily | Updated: 2024-11-11 07:55
Share
Share - WeChat
An employee picks imported goods for sale during the Singles Day shopping festival at a cross-border e-commerce bonded warehouse in Jinhua, Zhejiang province, on Oct 23. YANG MEIQING/FOR CHINA DAILY

Chinese consumers have exhibited robust purchasing power for high-quality and intelligent products containing innovative technologies during the Singles Day shopping extravaganza.

Experts said this has played a vital role in promoting the recovery of consumption and shoring up economic growth in the country.

Major Chinese e-commerce platforms have extended the promotional period, and adopted a simple and more pragmatic approach by canceling presale campaigns this year.

Instead, direct price cuts have become the preferred strategy to attract price-conscious customers and bolster sales during China's biggest online shopping event.

Experts also said that unlike in the past, when record-smashing gross merchandise volume, or GMV, through discount-led sales had come to characterize the 11-11 or Double Eleven promotional campaign, chasing high GMV is no longer the focus now.

Chinese shoppers are becoming more rational and carefully reviewing their needs, with an emphasis on the quality and value of commodities, they added.

Data from Tmall, Chinese tech heavyweight Alibaba Group's business-to-customer platform, showed that in the first four hours after the shopping carnival officially kicked off at 8 pm on Oct 21, 174 brands saw their sales surpass 100 million yuan ($14 million).

During this period, the turnover of more than 12,000 brands surged over 100 percent year-on-year and the sales of nearly 6,000 brands skyrocketed more than 500 percent compared with the same period last year.

The transaction volume of Apple Inc's products on Tmall exceeded 1 billion yuan within five minutes, while sales of domestic smartphone brands such as Huawei, Xiaomi and Vivo all surpassed 100 million yuan in the first four hours of the promotional event, according to Tmall.

Consumers preferred to snap up bargains via livestreaming on e-commerce platforms, with sales from some top-tier livestreamers on Taobao Live, Alibaba's livestreaming arm, surpassing 100 million yuan within a short period.

JD, another major Chinese e-commerce player, has launched a subsidy campaign worth 10 billion yuan, and given discounts for commodities included in the consumer goods trade-in program, such as home appliances and computers. It has also stepped up efforts to upgrade supply chains and logistics services.

JD said it recorded a double-digit year-on-year growth in transaction volume, orders, and user numbers between 8 pm on Oct 14, when its promotional gala opened, and 9 pm on Oct 31.

More than 16,000 brands saw their sales surge over threefold year-on-year, while the number of brands exceeding 100 million yuan in turnover increased over 400 percent compared with the same period last year. More than 17,000 merchants witnessed their order volumes soar over five times from a year earlier.

New users who bought apparel and cosmetics via JD's online marketplaces skyrocketed over 140 percent year-on-year, while JD's livestreaming channel saw a 245 percent year-on-year increase in order volumes.

Consumer electronic devices witnessed robust growth during the shopping extravaganza.

The transaction volume of gaming laptops rose 120 percent year-on-year during the shopping spree, and AI smartphones and 4K projectors experienced 100 percent growth in turnover, while the sales of AI learning devices and 3D printers surged over 10 times from the same period last year, JD said.

Furthermore, a series of products that represent scientific and technological innovations achieved by Chinese enterprises have been made available on e-commerce platform Taobao. These products cover fields such as information technology, artificial intelligence, aerospace, new energy and quantum technology.

For example, consumers can directly purchase the country's independently developed AS700 civil manned airship and enjoy discounts. The airship can be used for sightseeing, emergency rescue and geophysical exploration of the skies, among other things.

1 2 3 Next   >>|
Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
CLOSE