The Singles Day extended commercial party saw a surge in sales with its grand launch on Nov. live stream for Chinese consumers. According to industry experts, this commercial frenzy during China’s biggest online event is testament to the country’s extraordinary consumer vitality and strong economic resilience.
Data from Alibaba’s consumer commerce platform Tmall shows that the revenue 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 domestic brands such as camping equipment maker Blackdeer and toy building block company Sembo surpassed those of November 1 of last year.
Consumers increasingly prefer to find bargains via live streaming on e-commerce platforms, with the audience on Taobao Live (Alibaba’s live streaming arm) growing 600% within the first hour of the promotional campaign.
Home appliance sales from JD’s online stores surpassed 1 billion yuan in the first minute of the campaign, while transaction volumes for mobile phones such as Oppo, Vivo, Samsung and OnePlus increased 100% year-on-year in the first ten minutes of the promotion.
In addition, sales of 253 Chinese cosmetics and skin care brands saw increases in the first ten minutes of more than 100% year on year, while sales of more than 1,500 outdoor sports brands increased. 100% annually during this short period.
Wang Yun, a researcher at the Academy of Macroeconomic Research, noted that Singles Day plays a crucial role in stimulating consumers’ shopping appetite, boosting shopper confidence, and driving the consumption renaissance.
He said more efforts should be made to support and encourage Chinese product supply upgrade, launch bespoke and customized products, and develop many leading brands in China’s industries. automotive, textile and apparel, consumer electronics, home appliances, food and cosmetics.
A report by consultancy Bain&Company indicates that Chinese consumers are increasingly shopping across multiple platforms: 69% of respondents said they would watch three or more platforms, up from 56% in 2021. Surprisingly, 37% of respondents planned to use five or more platforms in this year. Bain&Company surveyed nearly 3,000 Chinese customers about their behavior in relation to this annual trade 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 increase their revenue.
“Competition in the e-commerce sector 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 said. he explains. According to him, online retailers must make strategic adjustments to reduce their over-reliance on live broadcast presenters and support new presenters.
For Wang Qiang, an associate professor at 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 also provided strong support to China’s consumption growth and ensured people’s livelihood amid the Covid-19 pandemic.