"During National Day, the consumer market was red-hot! A total of 765 million domestic trips were taken, an increase of 5.9% year-on-year; total domestic tourist spending reached 700.817 billion yuan, an increase of 6.3% year-on-year."

"Movie tickets also sold out quickly, with China's National Day box office grossing 2.104 billion yuan, attracting 52.09 million moviegoers; catering and retail were also booming, with sales of key retail and catering enterprises nationwide increasing by 4.5% year-on-year, according to Ministry of Commerce data; the express delivery industry also saw a surge in business volume, with daily average collection volume increasing by 28.4% year-on-year and daily average delivery volume increasing by 26.7% year-on-year."

"Of course, the stock market is hard to summarize in a few words. Affected by the September 26 Political Bureau meeting and related support policies for the stock and real estate markets, A-shares continued to rise in the trading days leading up to National Day, with a promising trend. Throughout the National Day holiday, many netizens joked, 'People are on holiday, but their hearts are in the stock market.'"

"However, the stock market cooled significantly during the first few days after the holiday. There are many reasons for this, including a large number of sell-offs by hedge funds and some shareholders of listed companies choosing to reduce their holdings. Another factor is that a large number of post-90s and post-00s individuals entered the market with leveraged funds such as consumer loans, leading regulatory authorities to take a series of measures: prohibiting the illegal flow of credit funds into the stock market through window guidance, banks starting to strictly review whether various consumer loans illegally flow into the market, and regulators starting to regulate the account opening behavior of securities firms."

"This cooling-off is intended to calm the market, as a frenzy is inherently unsustainable. However, in the long run, the goals of boosting the stock market and economic recovery remain unchanged. Recently, the State Council Information Office held a press conference, emphasizing the need to 'increase countercyclical fiscal policy adjustments and promote high-quality economic development,' once again giving the market some confidence. As for how much confidence, we'll have to wait and see how the week of the 13th unfolds."

"Some people lose money, while others make money. Naturally, those who make money want to spend it, and this year's Double 11 is just around the corner. As everyone knows, Double 11 is the climax of the e-commerce battle every year. Currently, platforms such as Taobao, JD.com, Douyin, Kuaishou, and Xiaohongshu have already geared up and are ready to go all in."

"So, what are the new trends for this year's Double 11? How will merchants take advantage of this opportunity?"

"The longest Double 11 in history: Nearly a month, with the return of the pre-sale system."

"It's not hard to see that this year's Double 11 shopping festival started much earlier than previous years."

"Specifically, Tmall's Double 11 pre-sale kicked off on October 14, ten days earlier than last year. JD.com wasn't far behind, choosing to launch its pre-sale on October 17 at 8 pm, a week earlier than usual. Pinduoduo also started a week earlier, entering Double 11 mode from October 14 at midnight."

"Douyin even advanced its Double 11 Early Access Goods Festival to October 8, seamlessly connecting with the National Day holiday. The entire event cycle runs from October 8 to November 11, with multiple stages and themed days segmented within this period, such as makeup and sports outdoors, with a very tight schedule."

"Kuaishou's Double 11 was also impressive, entering the preheating phase from October 16 with early access to good deals. The entire event started preparations and preheating from September 19 and will end on November 11. During this period, multiple themes such as 'New Product Big Day,' 'Top Goods Rush,' and 'Smart Living Festival' were introduced in stages, providing consumers with a fresh experience every day."

"In addition, Xiaohongshu also joined the Double 11 fray, running from October 12 to November 11. This is the first shopping spree after Xiaohongshu's e-commerce platform positioned itself as a lifestyle e-commerce platform, undoubtedly adding more appeal to Double 11."

"It's worth mentioning that this year's Double 11 promotion period has generally been extended, approaching a full month. Douyin's Double 11 promotion even spans over a month, making it potentially the longest Double 11 promotion in history. One can't help but wonder, 'Is Double 11 afraid that we'll hold onto our wallets too tightly?'"

"In terms of gameplay, major e-commerce platforms are also showcasing their respective prowess. Taobao, JD.com, and Pinduoduo continue to focus on full discounts and instant discounts to simplify the promotion process; while Douyin Mall's Double 11 promotion centers on official discounts of 15% and direct price reductions, complemented by the issuance of platform consumption vouchers, with a myriad of brand, mall, and live streaming gameplay emerging."

"Kuaishou has set up at least seven key gameplay elements, including 'Rain of Red Envelopes,' 'Surprise Red Envelopes,' 'Best-Selling Add-Ons,' 'Ten Thousand Person Group Buys,' 'Fan Shopping Groups,' 'Interest-Free Installments,' and 'Instant Post-Payment Discounts.' To be honest, this raises the threshold of understanding for consumers, making it seem a bit complicated and difficult to grasp, especially since netizens aren't mathematicians."

"In terms of subsidizing consumers, each platform is also sparing no effort. Taobao has invested an additional 30 billion yuan in consumption vouchers and red envelopes on top of its full discounts and instant discounts, marking the highest amount ever. JD.com has invested 1 billion yuan in resources to support live streaming activities."

"Kuaishou has unveiled what it claims to be the most significant subsidy in history, including 20 billion yuan in traffic subsidies, 2 billion yuan in user red envelopes, and 1 billion yuan in product subsidies; Douyin e-commerce will invest hundreds of millions of yuan in cash subsidies and tens of billions of yuan in traffic resources; Xiaohongshu e-commerce has also invested tens of billions of yuan in traffic support and hundreds of millions of yuan in subsidies during Double 11."

Image source: Pixabay

"In addition, the pre-sale mechanism has returned for this year's Double 11. Tmall kicked off the first wave of pre-sales on October 14, with three waves of outbreaks throughout the entire cycle."

"Consumers are the starting point and end goal of all business. Adhering to the core strategy of 'user-first,' major platforms continue to improve, offering consumers the most affordable prices and the best experience. And this year's Double 11, against the backdrop of an extended event cycle and the reinstatement of the pre-sale system, merchants are greeted with even more growth opportunities and business space."

"The most beneficial Double 11 for merchants: From 'Billion-Dollar Subsidies' to 'Billion-Dollar Relief'"

"Last year, the e-commerce landscape was dominated by low prices, with JD.com launching its 'Billion-Dollar Subsidies' channel and Taobao Tmall shouting about 'price power.' While this strategy attracted consumers, it left merchants struggling."

"The e-commerce environment has been difficult these past two years, with return rates climbing like a mountain and shipping insurance costs following suit. Add to that the 'refund-only' wool-pullers, and merchants are finding life increasingly difficult."

"However, this year, the winds of the e-commerce landscape have shifted. Instead of solely pursuing low prices, major e-commerce platforms are now concerned about merchants' situations and are going all out to ease their burdens. Platforms such as Pinduoduo and Taobao have successively launched 'Billion-Dollar Relief' plans, shifting from 'benefiting the people' to 'benefiting merchants.'"

"Alibaba has also been generous, directly abolishing the annual fee for Tmall merchants and instead charging a 0.6% basic software service fee. It has also optimized its 'refund-only' policy, aiming to reduce merchants' operating costs. Additionally, Taobao Tmall has introduced a series of welfare policies, such as return insurance services, zero-fee express refunds, and full refunds of Billion-Dollar Subsidy commissions, presenting merchants with a 'relief package.'"

"Specifically, the introduction of return insurance services has reduced merchants' return costs by an average of 20%, with some merchants even achieving a 30% cost reduction. Meanwhile, Tmall's zero-fee express refund service during Double 11 allows merchants to recover payments immediately after shipment, effectively alleviating financial pressure."

"For merchants participating in the 'Billion-Dollar Subsidies,' Tmall has fully refunded all commissions, allowing merchants to participate in the promotion almost cost-free. Furthermore, Taobao merchants also enjoy benefits such as commission-free promotions, commission-free live streaming, and the cancellation of shipping insurance, further reducing operating costs."

"More notably, Tmall has invested billions of yuan in purchasing traffic during Double 11, collaborating with over 200 Internet platforms to comprehensively expand customer flow for merchants. Now, Taobao merchants no longer need to worry about traffic and exposure."

"JD.com is also not to be outdone, upgrading its 'Spring Dawn Plan' to support third-party sellers from three dimensions: traffic support, AI technology efficiency, and ultra-light asset operation. In the live streaming sector, JD.com has invested up to 1 billion yuan in resources and offers benefits such as free trials of JD digital humans and return and exchange guarantees."

"JD.com Group CEO Xu Ran has pledged to invest the maximum resources possible, focusing on merchants' core concerns of traffic, operations, and services, striving to provide merchants with a new experience characterized by 'more traffic, faster operations, better services, and lower costs.' It aims to help small and micro-merchants with daily sales exceeding 10,000 yuan increase their numbers by more than twice year-on-year during JD.com's 11.11 period, while also enabling merchants with sales exceeding 5 million yuan to grow by more than 50% year-on-year."

"Even Pinduoduo, which has traditionally favored consumers, has recently intensified its platform fee reduction benefits for merchants. Pinduoduo has launched a 'Billion-Dollar Relief' plan, offering 10 billion yuan in fee relief to quality merchants over the next year, covering promotion service fees, technology service fees, deposits, and more."

"Furthermore, Pinduoduo has lowered the withdrawal threshold for merchant payment accounts from 100 yuan to 1 yuan, eliminated logistics transfer fees for orders from remote areas, reduced the technical fee for all pay-after-use orders from 1% to 0.6%, and decreased the basic store deposit from 1000 yuan to 500 yuan."

"Addressing merchants' frequent complaints about after-sales appeal conditions and free shipping policies, Pinduoduo has also made service adjustments. The platform now supports merchants in appealing against abnormal orders and malicious complaints. If the appeal is successful, the platform will compensate the relevant orders and no longer limit the number of appeals merchants can make."

"Meanwhile, emerging e-commerce platforms such as Douyin and Xiaohongshu are actively helping merchants explore growth opportunities within their platforms. For example, Douyin has upgraded its traffic algorithm mechanism, making 'content' the key to traffic distribution and adjusting commission and deposit incentives for different categories. Xiaohongshu, on the other hand, has launched 'Juguang Lite,' a quick marketing tool tailored for small and medium-sized merchants, as well as 'Chengfeng,' a one-stop marketing platform."

"Today, e-commerce platforms have profoundly recognized that building an excellent business environment is the cornerstone of long-term development. Consequently, major e-commerce platforms are adopting various measures such as subsidies, increased traffic, and cost reduction to ensure that merchants are not trapped in a situation where they only earn a reputation but no profit."

"In fact, easing the burden on merchants is also indirectly seeking more benefits for consumers. By optimizing supply chain management and enhancing operational efficiency, merchants can convert saved costs into lower product prices, truly achieving an improvement in the 'quality-to-price ratio.'"

"The most open Double 11: Interconnection and mutual benefit for all parties."

"Apart from the two changes mentioned earlier, this year's Double 11 has also witnessed a new trend - interconnection. The Alibaba Group and Tencent, as well as the Alibaba Group and JD.com, have shaken hands and made peace, staging an 'epoch-making reconciliation' in the e-commerce circle."

"On September 12, Taobao took an important step by officially announcing the addition of WeChat Pay functionality and gradually opening it up to all sellers. By the end of September, Taobao had successfully completed full integration with WeChat Pay and officially launched it in its latest version, marking the official 'marriage' between the Alibaba Group and Tencent."

"Shortly thereafter, on September 26, Alibaba and JD.com also embraced interconnection. Tmall and Tmall Global are expected to officially integrate JD Logistics in early October, while JD.com is preparing to integrate Cainiao Express and Cainiao Post, with the hope of connecting with Alipay payments before the Double 11 holiday. These series of moves undoubtedly signify the gradual integration of the two e-commerce giants in logistics and payment systems."

"With interconnection in place, the previous 'every man for himself' situation during Double 11 is a thing of the past. This year's Double 11 is undoubtedly the most open and inclusive in e-commerce history, not only breaking down the 'barriers' between platforms during Double 11 but also signaling an important turning point for China's e-commerce and even the broader Internet industry."

"The enthusiasm of e-commerce platforms for interconnection is undoubtedly a wise move. After all, online traffic is scarce, and the competitive environment has long shifted from a 'blue ocean' to a 'red ocean.' All platforms are facing the dual pressures of slow user growth and fierce competition for market share."

"Through interconnection, platforms can share 'core resources' such as logistics and payments, saving a significant amount of money on redundant construction and boosting supply chain efficiency."

"Take Taobao's integration with WeChat Pay as an example. This move simplifies the payment process and reduces user operation difficulties. Those who previously switched platforms due to incompatible payment methods may now reconsider Taobao because of the convenience of WeChat Pay."

"Especially for middle-aged and elderly people in low-tier cities and rural areas, who may not be familiar with Alipay, the integration of WeChat Pay could make Taobao their preferred choice again."

"Similarly, JD.com's integration with Alipay can not only enhance user experience but also cover a larger user base. During major sales events like Double 11, integrating with Alipay can help alleviate payment pressure on WeChat Pay and reduce the risk of payment system crashes or delays."

"For consumers, the simplification of the payment process undoubtedly improves the shopping experience, while the diversification of logistics options can better meet the needs of different consumers."

"It's also good news for the e-commerce industry. With reduced barriers between platforms, competition will increasingly focus on the essential elements of business, such as product quality, price advantages, and service experience."

"Today, both consumers and merchants are becoming more rational towards Double 11, and the core concept of industry development is quietly shifting from blindly pursuing scale and market expansion to focusing on operational efficiency, customer satisfaction, and long-term sustainable development."

"The platforms are maintaining Double 11 discounts while simplifying activity rules, optimizing user experience, reducing marketing pressure on merchants, and providing subsidies and traffic support."

"In this wave of competition among platforms to optimize the business environment, a series of benefits can be expected in the future. For merchants, this is undoubtedly an eagerly anticipated turning point, ushering in a more friendly and fair competitive environment where they can compete freely and pursue more sustainable development. Don't you agree?"

Reference materials:

1. "Racing Ahead of 2024 Double 11, Taobao and JD.com's 'Gunpowder Smell' is Strong" - E-commerce Reference

2. "Forward-Looking Layout | The 2024 Double 11 Preparation Series Report is Officially Released!" - Feigua Data

3. "Double 11 Hasn't Arrived Yet, But Platforms Are Already Courting Merchants Hard" - 36kr

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