The "Double 11" shopping festival introduces the old and brings forth the new, setting a new record for sales scale——

　　Accelerated release of domestic demand potential

　　Economic Daily·China Economic Net reporter Huang Xin and Wang Yichen

　　China once again demonstrated strong consumption momentum to the world: From 00:00 on November 1st to 23:59 on November 11th, 2020 Tmall’s “Double 11” transaction volume reached 498.2 billion yuan, and Jingdong’s “Double 11” cumulative order amount exceeded 271.5 billion yuan, both set a new record for sales.

At the same time, e-commerce platforms such as Suning.com and Pinduoduo have created impressive sales performance.

　　The annual "Double 11" is an important window for observing China's consumption power.

At present, my country is accelerating the construction of a new development pattern in which the domestic big cycle is the main body and the domestic and international double cycles promote each other.

The huge transaction figures of "Double 11" confirmed the realistic basis for the construction of a new development pattern, and also allowed us to see the changes in the consumption pattern and the resilience and vitality of my country's economy.

　　New changes highlight consumption recovery

　　This year's "Double 11" came earlier.

JD.com announced that 2020 "Double 11" will officially start on October 21, for a period of 22 days.

Similarly, in 2020, Tmall’s "Double 11" will also start pre-sale from October 21, and both use two waves of sales periods.

　　"Diversion and differentiation is the biggest change in Double 11 this year." Pan Helin, professor of Zhongnan University of Economics and Law and executive dean of the Institute of Digital Economy, said in an interview with a reporter from Economic Daily that this is equivalent to "Double 11". The battle line has been stretched, or it has diverted the shopping crowd of the "Double 11".

The effect of diversion is very obvious. The sales of many brands in the first round of pre-sales surpassed last year's "Double 11" full-day sales, and it has brought a significant improvement in logistics efficiency.

At the same time, it also shows that the services of e-commerce platforms are more and more in line with consumers' needs.

　　Chu Yin, a professor in the Department of Public Management of the School of International Relations, believes that extending the "Double 11" sales cycle will make consumer behavior more rational and sustainable, which will help businesses build and strengthen their stickiness with users, and achieve post-epidemic performance Repair.

　　While lengthening the cycle, preferential methods have also become simpler.

For example, the Tmall platform replaced the past shopping allowances and other methods with a cash subsidy of more than 30 billion yuan. The number of discounted products reached 16 million, 1.6 times that of last year.

The setting of "Estimated Hand Price" on the product pages of Taobao and Jingdong platforms is clear at a glance.

　　In this regard, Wang Zhe, director of the Artificial Intelligence Research Office of the World Industry Research Institute of China Electronics Information Industry Development Institute, analyzed that this year's new crown pneumonia epidemic has caused a greater impact on offline stores, and e-commerce has assumed a more important role in consumption.

E-commerce companies can significantly increase the stickiness of consumers to their platforms through more direct discounts and promotions and longer consumer decision-making cycles.

"This year's "Double 11" is the acceptance of the steady release of restorative consumption, and it is a manifestation of the expected improvement in the domestic consumption cycle and the increase in rigid consumption demand." Wang Zhe said.

　　The consumption upgrade trend is obvious

　　Data related to this year's "Double 11" show that consumers are becoming more rational.

As Lv Liping, senior vice president of Zhongcheng Think Tank, said, consumption upgrades have spawned "research-oriented consumers" who not only pay attention to the "exquisiteness and practicality" of products, but are also proficient in studying the ingredients and origin of products.

Nearly 90% of consumers are more willing to spend their money on the "knife edge" and thus become "consumer experts."

　　The consumption changes of "Double 11" reflect the general trend of consumption upgrade.

　　High-end products are favored.

According to statistics, on the JD platform, within the first 5 minutes of November 11, the transaction volume of high-end rice increased by 15 times, the volume of organic rice increased by 20 times, the volume of organic milk increased by 50 times, and the volume of high-end infant milk powder increased by 16 times. .

　　The new brand presents an elephant-level explosion.

On November 1 alone, 357 new brands on the Tmall platform won the sales laurels of sub-categories, more than 1,800 new brands had a turnover that surpassed that of last year's “Double 11”, and 94 new brands increased by more than 10 times.

　　The popularity of imported goods continues.

From October 21st to November 1st, Intime Department Store gave birth to 26 "hot items" with sales exceeding 1 million yuan.

Consumers affected by the epidemic were unable to go abroad, and high-end consumption represented by watches and beauty products has also returned, increasing by 91.2% and 92% in Yintai.

　　The rural market becomes the largest increase.

With the aid of the nationwide e-commerce distribution system, users in small and medium-sized cities and rural areas have become the new main consumer. With the upgrading of consumption, the rural market has become an important stage for "Double 11".

This year's "Double 11", major merchants have targeted the rural market. For example, JD.com specifically sold over 200 million 50% off products and over 300 million new products for the sinking market.

During the pre-sale phase of JD’s “Double 11”, the rural market’s pre-sale orders increased by 126% year-on-year.

　　"Double 11" has also become a platform for the circulation of domestic and foreign commodities.

Camelicious ranch in Dubai has seen explosive growth in the sales of camel milk in its overseas flagship store since the launch of the pre-sale on Tmall’s “Double 11”.

　　Pan Helin said that in the context of the epidemic, many international manufacturers are targeting the Chinese market, hoping to leverage the Chinese market to tide over the difficulties. Some international brands chose the "Double 11" for their first launches.

In the future, with the further rise of China's consumer power, the Chinese market may become a "battlefield" for international brands.

　　Effectively enhance economic resilience

　　Judging from the commercial promotion activities surrounding "Double 11" this year, "Double 11" is not only a "feast" for e-commerce platforms, it also realizes online and offline integration and empowers traditional manufacturing.

An endless stream of new models has promoted the transformation and upgrading of traditional industries, effectively enhancing the resilience of China's economy.

　　"Behind this is the new consumption momentum given by technological progress." Wang Zhe believes that the payment tool has been fully upgraded to a digital life platform, expanding from digital payment to intra-city services, and will drive offline consumption to resume and upgrade.

For example, this year's "Double 11", based on the digital dynamic price change system, in Bianlifeng offline stores, promotions and discounts are already normal operations, and consumers can get different discounts every day they enter the store.

　　New consumption scenarios have opened up new room for growth.

This year, 2.1 million offline merchants participated in Tmall’s "Double 11", Tmall Supermarket, Hema, Ele.me, Yintai, RT-Mart...The long-term efforts of Ali’s new retail have formed a new life circle covering a large number of consumers .

The consumer experience has been reshaped, and more industry sectors are accelerating to embrace the new wave of digital dividends.

　　As an important link in the industrial chain, the Internet platform will give full play to its technological advantages and the advantages of directly facing consumer terminals to empower the industrial chain and smooth the supply chain.

Relying on the big data and intelligent supply chain of the e-commerce platform, the customized products created by manufacturing companies are very popular.

Within 15 minutes of the opening on November 11, the turnover of products selected for the "Explosive Product Benchmarking Program" of Jingpin Home Appliances exceeded 100 million yuan.

　　In addition, the “Internet + Industry Belt” in “Double 11” is also a highlight. The digitization of the industry belt not only brings new growth points to businesses of different industries and different levels, but also accelerates the transformation and upgrading of traditional industrial structures.

For example, during the "Double 11" period this year, Jingxi, a social e-commerce platform under JD.com, has penetrated more than 180 industrial belts across the country, through direct supply from factories and direct distribution from production areas, and with the help of super 10 billion subsidies, the "Double 11" Daily orders increased by 160% year-on-year.

　　Lengthen time, slow down the pace, and bring forth the new.

"This year's "Double 11" provides a deep respite for the industrial chain, supply chain, and logistics chain, creating a time window for manufacturing and market circulation, helping to make the internal circulation more powerful, and will also drive domestic and foreign production, logistics, The recovery of consumer demand and the reshaping of the market structure." Wang Zhe said.