"Double 11" 14 years how to go next
"Among young people, shifting their attention away from material desires and shopping on demand has become a new consumption trend. At the same time, they are more inclined to simple and direct direct discounts."
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The "Double 11" in 2022 has come to an end.
In the past 14 years, this shopping festival has created a consumption "miracle" belonging to China, and has also become an important new window to observe China's consumption trends every year.
From pursuing economic benefits to improving product quality, from emphasizing turnover to emphasizing consumer experience, the iterations of "Double 11" have also witnessed the upgrading of China's consumer market.
This year's "Double 11", promotions have become the norm, and the gameplay has become simple and easy to understand. While e-commerce competition is gradually diverging, consumer behavior is also tending to be rational.
Hu Gang, deputy secretary-general of the Legal Work Committee of the Internet Society of China, pointed out that under the current environment of expanding domestic demand and enhancing the fundamental role of consumption in economic development, "Double 11" consumption also presents rational consumption, healthy consumption, and green consumption. and other features.
After 14 years of "Double 11", what new development directions will usher in?
Rational consumption has become a major trend
Compared with the first few "Double 11", rational consumption is becoming the main theme in recent years.
"The enthusiasm for shopping in the past two years has not been as strong as before, and I feel that my consumption concept is more rational." Lu Si (pseudonym), a 26-year-old master student, recalled that when he participated in "Double 11" when he was a freshman and sophomore, he bluntly said that before I feel that the whole school is filled with the atmosphere of the shopping festival. During the grade meeting, some people would joke, "Do you want to eat dirt tomorrow?" But now "Double 11" is becoming dull, "I won't pay too much attention to this shopping festival."
On this year's "Double 11", Lu Si bought all the products she just needed at present, "I bought coffee, tissue paper, skin care products and lotions, because I was about to run out, and then I bought a headset for a friend as a gift, just These." In her opinion, the current "Double 11" discounts are not as good as before, and because she doesn't understand the rules of various superimposed discounts after her own research, she will not buy some unnecessary things in order to make up for the cross-store discount.
Like Lu Si, there are many consumers who advocate rational shopping.
Hou Jiawen, born in 1995, participates in "Double 11" almost every year. She finds that although she and her friends buy a lot of things, they mainly buy necessities such as autumn and winter clothes and skin care products.
Xie Tianyang, who has just started working, also said that there are fewer people participating in the "Double 11" activities around him. "Compared with the previous enthusiasm for sharing, this year, there are only a few more post-event inquiries like 'What did you buy on Double 11'?" .”
According to the survey data of nearly 3,000 consumers from different cities in China released by Bain & Company, among the respondents who participated in last year's "Double 11" and plan to continue participating this year, 34% of consumers plan to do so this year. During the "Double 11" period, the total online and offline spending will be reduced, while last year only 9% of respondents made the same decision; compared to last year's 51% who expected to increase their spending budget, this year only 24% of respondents said they would Increase consumer spending.
As a merchant that has participated in many "Double 11" campaigns, the daily necessities company Kao has also noticed that consumers' irrational and impulsive consumption behaviors have been greatly reduced in recent years, and they pay more attention to the brand's reputation and the actual efficacy of products when making consumption decisions.
The relevant person in charge pointed out that the current "subtraction" of consumption has formed a new trend.
"Among young people, shifting their attention away from material desires and shopping on demand has become a new consumption trend. At the same time, they are more inclined to simple and direct direct discounts."
"During 'Double 11' in the past few years, consumers mainly focused on price factors. Merchants' slogans such as discounts and promotions, as well as the atmosphere in the live broadcast room, made impulsive and irrational consumption often appear." According to the Electronics Research Institute of the Ministry of Commerce Hong Yong, an associate researcher at the Business Research Institute, observed that in recent years, due to the gradual deepening of consumers' awareness of products, rationality has gradually gained the upper hand. Whether they really need the product has become the main consideration for purchasing.
"In addition, in recent years, the anchors in the live broadcast room have also had such a trend. They will do the work of popularizing products for consumers, introduce the characteristics of products, and help consumers judge. Some industry associations will also do this. work, so in the past few years, impulsive consumption has become less and less.” Hong Yong said.
Rationality replaces barbaric growth, and "Double 11" is returning to the source of consumption.
In the early morning of November 12, major e-commerce platforms released battle reports one after another.
Tmall said that this year's "Double 11" is stable and improving, and the transaction scale is the same as last year.
Jingdong pointed out that this year "surpassed the industry's growth rate and created a new record."
Neither of them disclosed the specific total transaction value.
Hu Qimu, chief researcher of Sinosteel Economic Research Institute, told reporters from China Youth Daily and China Youth Daily that the "Double 11" data may not have surged. One of the reasons is that the sales model of e-commerce is no longer a new format, and all retail links are basically With the existence of e-commerce functions, e-commerce has been integrated into consumers' lives.
"Consumers have experienced the penetration of the e-commerce market for so many years, and they will place orders evenly instead of concentrating on 'Double 11'. This is also a manifestation of rationality."
E-commerce traffic is fragmented
In recent years, with the popularity of e-commerce sales models, in addition to traditional e-commerce companies such as Tmall and JD.com, short video platforms such as Douyin and Kuaishou have also joined the "Double 11" stage.
On November 12, Douyin e-commerce released a data report showing that from October 31 to November 11, the number of merchants participating in the "Double 11" event in Douyin e-commerce increased by 86% year-on-year, and the total duration of live broadcasts with goods reached 38.21 million hours, of which 7667 live studios have sales exceeding one million yuan.
On the same day, Kuaishou also said that from October 20 to November 11, e-commerce short video orders increased by more than 515% year-on-year, the number of buyers increased by more than 40% year-on-year, and search orders increased by more than 70% year-on-year.
More and more consumers choose to shop on multiple platforms.
According to the 2022 "Double 11" market analysis report released by Bain & Company, 56% of the respondents in 2021 indicated that they planned to shop on three or more platforms during the "Double 11" period. 69%.
At the same time, 37% of the respondents indicated that they plan to shop on 5 or more platforms this year.
Bain Consulting pointed out that this shows that many consumers believe that the "Double 11" discounts of different retailers are similar, and there is no need to be loyal to one.
Merchants have made similar observations.
The relevant person in charge of Kao said that from the perspective of consumer consumption trends, the transaction scenarios of consumers are more diversified, and they are not limited to a single consumption scenario of a certain platform or store.
Chen Yinjiang, deputy secretary-general of the Consumer Rights Protection Law Research Institute of the China Law Society, pointed out that the competition in the e-commerce industry is more sufficient than before, and the boundaries between traditional e-commerce and new e-commerce are becoming blurred.
"For example, the anchors on Douyin will go to Taobao, and the mobility is getting bigger and bigger."
On October 20th, Luo Yonghao suddenly announced his entry into Taobao Live, and in the following days, he carried out live broadcasts with talk show artists such as Li Dan, Xu Zhisheng, and Niao Niao.
On the first day of delivery on October 24, the number of viewers exceeded 10 million within two hours. According to estimates from the third-party platform New Wrist, the total amount of delivery was about 210 million yuan.
Subsequently, online celebrities such as Yu Minhong, Liu Genghong and his wife, Nian Gao Mama, Xiao Shenlong, and Xiao P teacher also announced on the eve of "Double 11" that they would start broadcasting live on Taobao.
At the same time, Douyin and Kuaishou are exploring more possibilities for live e-commerce.
Douyin has launched cross-store full discounts, consumer coupons and other common gameplay on traditional e-commerce platforms; Kuaishou launched the Kuaishou Mall for the first time this year, and resumed external links with Tmall and JD.com.
In Chen Yinjiang's view, under the background of cross-platform commodity categories and cross-platform anchors, as a channel, the platform should still do a good job in its own functions in the future to provide consumers with good goods and services.
"In the future, whichever platform has more categories, or which platform has better anchors, will be more attractive to consumers, and then consumers will be more sticky."
In addition, he pointed out that the future sales of e-commerce may also be distributed to various nodes, "for example, the platform can be arranged according to the market situation, and when a certain product is in high demand, it will be concentrated for sales. Distributed promotion may be one of the trends. .”
Help the common high-quality development of the real economy
Compared with transaction volume data, e-commerce pays more attention to high-quality development. This year's "Double 11" multiple e-commerce platforms are emphasizing taking root in the real economy and helping the development of the real economy.
The "Double 11" battle report released by JD.com shows that during this year's "Double 11" period, the turnover of nearly 10,000 kinds of agricultural products on the JD platform exceeded 100,000 yuan, and nearly 30% of grain, oil, tea and other primary processed agricultural products achieved more than 100% growth.
Tmall data shows that from the start of the first wave of sales at 8:00 p.m. on October 31 to 0:00 on November 11, the overall turnover of many industrial belts across the country has achieved a substantial increase compared with the same period last year, mainly concentrated in home improvement. Household, corporate services, pet food and trendy toys and other fields.
"The combination of numbers and reality, and the high-quality development of digital e-commerce rooted in the real economy is a trend in the future." Huang Rihan, executive director of the digital economy think tank, said that products must be sold through channels after they are produced, and e-commerce empowers the real economy , is to find flow ports for them.
He also pointed out that e-commerce and the real economy still need to have a more down-to-earth combination. "It is not only necessary to combine with factories, but also with stores."
In an interview with a reporter from China Youth Daily and China Youth Daily, Hu Qimu said that one end of the e-commerce platform is connected to 1 billion consumers, and the other end is connected to countless merchants and industrial belts. A good logistics supply chain service is needed to enable Both ends are connected more efficiently.
"This is a very big advantage of e-commerce compared with other platforms. It is also very important for the construction of a unified national market. It is necessary to open up the links from production to distribution to circulation and then to consumption in the market. The resource elements circulate in it.”
Over the past 14 years, the role of "Double 11" has never been just to sell goods, but also to point out the direction for the e-commerce industry.
In the face of consumers' gradual insipid shopping enthusiasm in recent years, how should e-commerce help the high-quality development of the real economy?
Chen Yinjiang believes that an e-commerce platform connecting both ends of supply and demand should take into account the needs and interests of consumers and merchants.
"The essence of 'Double 11' is actually price discounts. At the beginning, online consumption was just emerging, and the channels in the middle were full of water, but over the years, its price bonus has actually become less and less crowded." Chen Yinjiang He pointed out that at this stage, e-commerce platforms still hope to maintain their price advantage, but some merchants are under increasing pressure, which may lead to dishonest business behavior, such as "first raise prices and then discounts" and other issues.
In his view, what consumers want is high-quality goods, and no matter what kind of fancy methods they use, they should guarantee the quality of the goods themselves and services.
"Nowadays, many platforms have launched price protection measures and are also strengthening logistics services, but no matter what they are, they should be implemented. Platforms should shoulder their own responsibilities and serve the real economy well. For example, through quality control and management. Businesses with high and poor product quality adopt restrictions to open up sales channels for companies that make good products, so that physical companies can have more energy to improve product and service quality.”
Faced with the current "traffic frenzy" set off by e-commerce platforms, Chen Yinjiang emphasized that the price of products should still be determined according to their own production costs and the relationship between supply and demand. High, whoever sells can be high."
China Youth Daily·China Youth Daily reporter Li Ruoyi, trainee reporter Wei Wan, intern Wang Zijun Source: China Youth Daily