If e-commerce companies don’t “speculate” on transaction volume, is “Double 11” no longer popular?
At midnight on November 12, the annual Tmall “Double 11” shopping festival comes to an end. Different from previous years, Tmall, JD.com and other leading e-commerce companies did not announce the transaction volume data of this year’s “Double 11”, only stating that the transaction scale was “stabilizing”, and It was flat last year.
However, judging from the data related to clothing and apparel categories released by major e-commerce platforms, this year’s “Double 11” Shopping Festival also showed some changes in the word “stability” that are different from the past: multiple subdivisions Category sales are growing rapidly, and merchants are paying more attention to consumers’ shopping needs and shopping experience. In addition, new business formats such as live broadcasts that have been booming in recent years have also abandoned the previous “horse racing” style of disorderly expansion and returned to the business retail concept. Nature.
E-commerce no longer focuses on transaction volume
Since Taobao Mall launched the “Double 11” shopping carnival known as the “Singles’ Day Carnival” more than 10 years ago, November 11th every year has become an annual time for e-commerce platforms, brands and consumers to interact and dance together. With the big drama, consumers are eager to “buy”, brands and platforms are also busy in full swing, and the transaction volume of “Double 11” has repeatedly hit new highs.
However, this year’s “Double 11” event is no longer focused on the sales volume.
Tmall did not release transaction data in the final “battle report” released in the early morning of November 12. It only stated that this year’s “Double 11” is the most diverse event for participating merchants, with 290,000 brands, Millions of small and medium-sized businesses and anchors are participating, and more than 21 million kinds of products are participating in “Double 11”.
If you review the “battle situation” of this year’s “Double 11”, it is not difficult to find that the consumption peak of this year’s “Double 11” shopping festival is not completely concentrated on November 11, but begins on November 1. There was a small climax.
“This year’s ‘Double 11’, the ‘Double 11’ pre-sales for major platforms and some brands started in mid-October.” Ms. Geng, who works for a headhunting company, told a reporter from China Textile News, ” Although there is no ‘Double 11’ party on major platforms this year, the various promotional messages received on mobile phones have not stopped since the beginning of October.”
“This year’s ‘Double 11’ has two waves of sales peaks, one wave is from November 1 to 3, and the other wave is a few days after the 11th. Judging from the concentration of our logistics orders, we can You can see it.” The SF Express man in charge of logistics and distribution in Shuangjing area of Beijing told reporters, “In previous years, most of the orders were concentrated in the days before and after ‘Double 11’.”
In fact, there is still more than a month before this year’s “Double 11”, and major e-commerce platforms such as JD.com and Tmall, as well as live broadcast platforms, have begun to “warm up.” In addition to the “kaleidoscope” of online channels that are constantly being renovated, With general promotions, discounts, and free gifts, city supermarkets, shopping malls, and even community stores have begun to display various promotional signs. Even the bus stop signs in some big cities are full of JD.com and Tmall’s large promotional posters.
This year’s “Double 11”, JD.com and Tmall launched the first round of pre-sales and cross-store discounts at 20:00 on October 20 and 20:00 on October 24 respectively.
Statistics from Tmall show that starting from the pre-sale on Tmall on the evening of October 24, 130 live broadcast rooms with pre-sale amounts exceeding 10 million yuan were generated in just 4 hours. As one of the main consumer categories of “Double 11”, the performance of clothing and accessories during the “Double 11” period has always attracted much attention.
Statistics show that Bosideng’s sales exceeded 100 million yuan in just 40 minutes after pre-sales started on Tmall. The men’s clothing category has become a “dark horse”. Among them, GAP (Gap) men’s clothing sales increased by more than 200% in the first hour of pre-sale compared to last year. Some new products of the “YEEZY GAP Balenciaga” collaboration model were launched on Tmall in just one day. Sold out within hours.
The pre-sales have been fruitful, allowing many brands to get enough of the “Double 11” “addiction”.
However, it is worth noting that consumption channels are becoming increasingly diversified, and the rise of social e-commerce, interest e-commerce, live broadcast e-commerce, etc. has dispersed sales that were originally concentrated on traditional e-commerce platforms such as Taobao, Tmall, and JD.com.
According to Qu Jing, vice president of Huimei Fashion Group Co., Ltd. (hereinafter referred to as “Huimei Group”), in the initial “Double 11”, only Taobao and Tmall platforms were the dominant platform. Nowadays, JD.com, Vipshop, The addition of multiple platforms such as Douyin not only makes participation methods more diverse, but also gives rise to some new marketing models such as private domains, anchors, and store broadcasts.
“Consumers are still the same consumers, but there are more purchasing methods and channels to choose from. Therefore, the sales of a single specific channel will decrease.” Brand manager of Mi Nan Cashmere Clothing Co., Ltd. in Qinghe, Hebei Li Shengchao, a reporter from China Textile News, told a reporter from China Textile News, “In addition, consumers value product design, personalization and quality more than price.”
In addition, through the release of “Double 11” sales data, it can also be found that today’s “Double 11” is gradually bidding farewell to the “only turnover theory” that was valued in the past, and this also marks that the clothing consumer market has changed from Quantitative shift to quality’, I couldn’t help but add a few more pieces of underwear to the shopping cart. After adding them, I found that if I bought two more pairs of pants, I could get a higher ‘full discount’ discount. Just like this, the original order of more than 900 yuan turned into more than 4,000 yuan. “Xiao Peng, the head of the department of a certain exhibition company, told reporters, “After all the agencies, we still did not escape the ‘routine’ of the merchants. ”
“What you buy is not what you sell. What consumers look forward to most is ‘simplicity + inclusiveness’.” This is the resonance of many “hand-buying people”.
“If you want to get the most discounts, you have to stack different discounts, red envelopes and rebates according to different categories. I feel like I am being forced to become a ‘mathematician’.” A loan officer who works in a bank Xiao Zhang jokingly told reporters, “In Tmall and JD.com, the screens are filled with various discounts such as ’50 off for purchases over 300, 50 off for purchases over 299′, as well as task red envelopes, password red envelopes, and various discounts. Orders, coupons, and some discounts can be used across stores, while others cannot, which makes people confused. Even I, a person who works in credit, sometimes can’t figure out which discount should be used to save more money. .”
“I have read various money-saving strategies through various channels before, but when I finally checked out, I was still confused.” The wife of loan officer Xiao Zhang also felt the same way, “The same total price is 5,000 For a variety of clothing products, I spent more than 200 yuan more than my colleagues when checking out. I really can’t understand the settlement rules on the platform.”
“It would be great if the e-commerce platform could automatically accumulate discounts according to established procedures during settlement, so that consumers can automatically maximize their benefits.” Xiao Zhang said, “This would eliminate the need to hold a hand when buying something. The calculator does the math.”
Compared with online e-commerce’s “indulgent spending is gradually becoming more and more eye-catching”, offline physical stores’ “Double 11” promotions appear to be much more pragmatic, so many consumers prefer offline shopping channels.
“For products such as clothing, shoes and hats, I prefer to buy them in supermarkets. The prices and discounts in supermarkets are very straightforward. I don’t have to calculate coupons, full discounts, etc., and I can buy them online with my neighbors. Compared with the same clothing purchased on online shopping platforms, the price is not much different.” Mr. Jiang, a citizen who lives in Xicheng District, Beijing, told reporters, “I still like ‘what you see is what you get’ for clothing products. I have spotted a piece of clothing, and if it fits me on, I buy it. Although e-commerce can also provide free returns and exchanges, it is not as convenient as in-store. Especially middle-aged and elderly consumers are still more accustomed to offline shopping. “
“For consumers, e-commerce platforms need to focus on how to improve consumers’ purchasing experience, and meet consumer needs in various aspects through different means and services, so that consumers can buy with confidence, happiness, and satisfaction.” Figures Weng Yi, a senior researcher at an economic think tank, said.
Ouyang Rihui, deputy director of the China Internet Economic Research Institute at the Central University of Finance and Economics, also believes that from a consumer perspective, this year’s “Double 11” will make consumers’ consumption concepts more rational. Therefore, whether for online e-commerce platforms or offline stores, today’s “Double 11” shopping festival is not only an “eyeball-making” marketing activity, but also an effective means for clothing brands to build core competitiveness.
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