Singles’ Day gets off to a flying start

Singles’ Day gets off to a flying start

The extended Singles’ Day trade party saw a surge in sales with its big launch on Nov. 1 at 8 p.m. — four hours earlier than previous editions — with an increase in popularity for Chinese brands and sessions. live streaming to Chinese consumers. According to industry experts, this commercial frenzy during China’s largest online event is a testament to the country’s extraordinary consumer vitality and strong economic resilience.

Data from Tmall, Alibaba’s consumer commerce platform, shows that the turnover of 102 brands exceeded 100 million yuan (13.9 million euros) in the first hour of this promotional campaign. As of 9 p.m. Monday, sales of household brands, like camping gear maker Blackdeer and toy building block company Sembo, had surpassed those of Nov. 1 last year.

Consumers increasingly prefer finding bargains through live streaming on e-commerce platforms, with viewership on Taobao Live (Alibaba’s live streaming arm) growing by 600 % on the first hour of the promotional campaign.

Home appliance sales of online stores on JD exceeded 1 billion yuan in the first minute of the campaign, while transaction volumes of cellphones like Oppo, Vivo, Samsung and OnePlus increased 100% in YoY on the first ten minutes of the promotion.

In addition, sales of 253 Chinese cosmetics and skincare brands saw first-ten-minute increases of more than 100% year-on-year, while sales of more than 1,500 outdoor sports brands increased. 100% on an annual basis during this short period.

Wang Yun, a researcher with the Academy of Macroeconomic Research, noted that Singles’ Day plays a crucial role in stimulating consumers’ buying appetite, boosting buyer confidence and boosting consumption revival.

He said more efforts should be made to support and encourage the upgrading of Chinese product sourcing, launch tailor-made and personalized products, and develop many high-end brands in the industries of China. automotive, textile and apparel, consumer electronics, household appliances, food and cosmetics.

A report by consultancy Bain&Company indicates that Chinese consumers are increasingly shopping on multiple platforms: 69% of respondents said they would watch three or more platforms, up from 56% in 2021. Strikingly , 37% of respondents planned to use five or more platforms this year. Bain&Company surveyed nearly 3,000 Chinese customers about their behavior towards this annual commercial celebration.

Mo Daiqing, a senior analyst at the Institute of Internet Economics, notes that live streaming has become a key method widely adopted by consumer brands to retain existing users, attract new ones and boost their receipts.

“Competition in the e-commerce industry using live streaming has intensified and an increasing number of brands and sellers are now flocking to the live streaming rooms of short video platforms, including Douyin, Kuaishou and Xiaohongshu. , a social network focused on lifestyles,” he explains. According to him, online retailers should make strategic adjustments to reduce their overreliance on star live streaming presenters and support new presenters.

For Wang Qiang, an associate professor with the Faculty of Commerce affiliated with Renmin University of China, consumption is playing an increasingly important role in supporting the development of the real economy in the world’s second largest economy. E-commerce has further provided strong support for China’s consumption growth and ensured people’s livelihood amid the Covid-19 pandemic.

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