2022 Single’s Day in China – Record set with New Players Joining the Frenzy
This years’ China Single’s Day, also known as Double Eleven saw a stunning gross merchandising value beyond 1 trillion RMB for the first time. Besides the traditional e-commerce platforms Tmall, JD and Pinduoduo, the frenzy is joined by a variety of new retail platforms. Brands now have access to a much larger pool of consumers across different platforms but are required to refine their promotion strategies.
Total GMV from all e-com platforms surpassed 1 trillion
According to Syntun, an independent big data monitoring company, the total GMV from all major e-commerce platforms surpassed 1 trillion RMB for the first time. From October 31st to November 11th, the GMV of the major e-commerce platforms (only incl. traditional e-commerce platforms and live streaming e-commerce platforms) was 1,115.4 billion RMB with an increase of 13.7% YoY.
Tmall and JD did not publish their performance numbers this year but with information from 3rd party tools plus logistics data, it was estimated that Tmall achieved GMV 510-540Billion while JD, GMV of 310-330 Billion. Douyin’s GMV increased 629.9% YoY on the first day of the Double 11 event (31st October). From October 31 to November 11, the number of merchants participating in the Double 11 event in Douyin e-commerce increased by 86% YoY. Data from Kuaishou shows that during the Double 11 period (October 20 to November 11), the number of short video orders increased by 515%+ YoY. The number of buyers increased by 40%+ YoY.
A more diverse marketplace
Besides the traditional e-commerce platforms like Tmall, JD, Pinduoduo, and live-streaming commerce like Douyin, Diantao, and Kuaishou, there are new retail commerce and community groups buying have joined in the frenzy too.
Though the community group buying platforms’ performance was not great with total sales of 13.5 billion yuan, the new retail platforms achieved GMV 21.8 billion yuan, with the top 3 new retail platforms sales being Meituanshangou, JDtohome, and Tao Xian Da respectively.
New winning categories
Tmall reported that outdoor sports, pet supplies, collectible toys, and jewelry are the new four-pillar industries with fast sales growth. Within those four categories, 358 brands’ sales exceeded 100 million RMB.
There are new challenges that await the brands.
Brands now have access to a much larger pool of consumers across different platforms, which means that they need to refine their promoting strategies to expand explicit requirements, whether to drive sales or drive engagements, platform prioritization, activation strategy as well as implementation.