The “Double-11” shopping carnival this year has seen new changes in terms of time span, channel preference and consumer categories compared with previous years, according to the latest study by NielsenIQ, the leader in providing the most complete, unbiased view of consumer behavior, globally.
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This year’s carnival is seeing a shift from pursing volume but a conscious effort to encourage rational shopping and China e-commerce platforms are leading the way as they look to build a more sustainable development of e-commerce environment.
Established China brands such as T-Mall and JD.com continue to lead on the transaction volume of this year’s shopping festival on “Double-11”.
However fast short-video apps developers such as Kuaishou and Douyin are emerging as new power e-commerce power brands, creating a “multi-master competition.” Between established brands and emerging media players.
The total transaction value of T-mall “Double-11” was 540.3 billion yuan ($84.56 billion), and the transaction value of nearly 700 small and medium-sized brands jumped from millions to tens of millions. JD.com broke the record by placing 349.1 billion yuan of orders during the shopping spree. The number of brand merchants on Kuaishou increased by 391% year-on-year, and the orders of brand goods increased by 350% on a yearly basis. On the other hand, Douyin’s e-commerce data reveals consumers’ enthusiasm for the “Chinese fad”, with the number of domestic products in the list of popular products accounting for 87.5%, and its e-commerce livestreaming reached 39.5 billion hits.
Nancy Song, Managing Director of NielsenIQ China, comments that livestreaming has performed well in terms of sales during this year’s “Double-11” shopping festival, hitting a new high with 82.1 billion yuan in sales during the first stage of pre-sales, justifying the investment from leading e-commerce platforms who have upgraded livestreaming tap into the pre-sale brand referral traffic.
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“After 13 years of rapid growth, the shopping festival has gradually matured, and we are seeing the emergence of the “rational consumer”. When it comes to the future development of e-commerce, improving the shopping experience is the key for e-commerce platforms to enhance their core competitiveness,” Song said.
For more information about this year’s insight into Double-11, contact NielsenIQ experts.