chinese e-commerce companies begin preparing for “double eleven”
2024-09-30
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reference news network reported on september 27 according to a report on the website of hong kong's south china morning post on september 26, alibaba group has set aside resources worth at least 40 billion yuan to help taobao, the company's two largest shopping platforms, during this year's "double eleven" shopping festival. and tmall merchant promotions. the e-commerce giant is trying to protect its core business in an increasingly competitive market.
according to the latest announcements from taobao and tmall, alibaba plans to issue 30 billion yuan in consumer coupons and red envelopes, and invest up to 10 billion yuan worth of resources to increase traffic.
the two major platforms have also launched new measures to reduce merchant operating costs, such as reducing return costs and returning commissions.
this is one of alibaba's early moves to boost business during china's largest online shopping festival. the hangzhou-based technology group is trying to stabilize its market share in the fiercely competitive domestic e-commerce market.
according to reports, the "double eleven" shopping festival was launched by alibaba in 2009 and is the world's largest online retail event. the annual sale, named after the date of november 11, originally lasted 24 hours but has been extended to several weeks in recent years, with pre-sales starting in late october. newer e-commerce companies such as douyin and pinduoduo have also entered the market.
spending huge sums of money to attract consumers to shopping festivals is not this year's innovation. during last year’s double eleven, taobao and tmall made “unprecedented investments” to increase consumer engagement.
alibaba did not reveal details of the discounts it plans to offer this year, nor a date when pre-sales will begin.
according to reports, alibaba’s long-term rival jd.com also announced some policies for this year’s “double eleven”. the company said it will launch sales activities on october 17 and invest resources worth tens of billions of yuan to "bring new traffic" to merchants. douyin and pinduoduo have yet to make relevant announcements.
the "double eleven" shopping festival is regarded as a bellwether for chinese consumer confidence, and analysts and investors will pay close attention to it.
third-party data shows that the total merchandise transaction volume of 618, china’s second largest annual e-commerce shopping festival, increased by 13.6% year-on-year. (compiled/xiong wenyuan)
on november 11, 2023, staff used electrified intelligent sorting equipment to sort and package express delivery at the gaogang transit terminal in taizhou, jiangsu province. (published by xinhua news agency)
