Sales on Singles' Day are sluggish due to tightening regulations — Alibaba increased 14% year-on-year, JD 600 clothing brand sales exceeded 8 times year-on-year
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The distribution transaction volume (GMV) at the sale event of "Single's Day (Singles' Day)" held by Alibaba on the 11th was only US $ 84.5 billion, up 14% from the previous year. This is the lowest growth growth since Alibaba launched the event in 2009.
In contrast, his competitor JD.com (Kyoto) had a GMV of US $ 54.6 billion, up 28% year-on-year. In the first 10 minutes of the last surge on sales on November 10, sales of 600 apparel brands on JD.com increased eight-fold from the previous year.
Alibaba's Singles' Day is sluggish as Chinese authorities crack down on domestic tech giants. This is the first Singles' Day sale since Chinese regulators have imposed fines and warnings on domestic tech companies that are doing anti-competitive acts.
Earlier this week, local market regulators will not "unfairly compete" with 16 e-commerce companies, including Alibaba and Meituan-affiliated companies, ahead of the annual Singles' Day sale. I warned. Regulatory agencies have developed guidelines to prevent businesses from cheating.
Alibaba reportedly announced this year that it is focusing on sustainable growth by curtailing marketing efforts for the sale, following tightening regulations by Chinese authorities, Reuters reported. It is also reported that the last few hours of the Singles' Day event pushed out social welfare efforts by modest sales figures.
The Chinese government also wants tech companies to contribute more to society, and this year's main themes are green logistics, eco-friendly products, and paying attention to consumption.
In response, Alibaba's "Tmall" app distributed "green coupons" that allow customers to purchase energy-efficient products and products with low environmental impact at discounted prices. Alibaba's logistics department also provided a service to recycle packaging waste at 60,000 collection points across China.
Singles' Day evolved from a one-day shopping event to a week-long promotion that generated more revenue than Black Friday and Cyber Monday combined. The event is extremely popular and has been adopted by other e-commerce companies in China and Southeast Asia.
[Via Tech in Asia] @Techinasia
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