Double 11: Sales Growth Despite Waning Enthusiasm
Although consumer enthusiasm for the "Double 11" was relatively lower compared to previous years, Alibaba Group Holding and JD.com announced they achieved sales growth during this year’s “Double 11” shopping festival. Alibaba Group reported that as of Saturday midnight, over 402 brands had surpassed RMB 100 million in gross merchandise value (GMV), with 38,000 brands experienced a significant growth compared to the previous year. On November 11th, JD.com also highlighted that the cumulative transaction value for 300 brands exceeded RMB 100 million, with live broadcasts attracted over 320 million viewers. Transaction volume, order quantities, and user engagement all reached new…
2023 Double 11 — The data shows an upward trend
The 2023 Double 11 shopping festival has kicked off on most Chinese e-commerce platforms (on October 24th). Although general public and many analysts were skeptical about the transaction volume before Double 11 this year, initial data released by Alibaba was encouraging. During the first hour of pre-sales, there were over 1,300 brands with a year-on-year transaction volume growth of over 200%, and nearly 700 brands with a year-on-year transaction volume growth of over 500%. This year, JD.com and Taobao try to offer lowest possible price to boost sales growth. We also observe significant upward trend in Double 11 activities this…