Traditionally, 11.11, together with the mid-year 6.18 procuring pageant, has served as a key barometer for client confidence, which has grow to be a focus of China’s efforts to revive its slowing economic system.
But within the absence of official information, analysts and media are left to interpret third-party information. E-commerce information agency Syntun, a preferred benchmark, estimated that general e-commerce gross sales grew 26.6% to 1.44 trillion yuan this 12 months.
HOW USEFUL IS THE BAROMETER?
This progress seems promising on paper. During my visits to Hangzhou (dwelling of Alibaba) and Yiwu (one in all China’s largest e-commerce hubs) throughout 11/11, it was evident that e-commerce members – from retailers to logistics operators – they took the occasion significantly, striving to outdo their rivals.
So why the platforms’ silence on complete GMV? There are a number of elements at play.
First, there was a change of tone in a context of intense competitors. Before the pandemic, 11.11 was a celebration: a show of dominance by assured e-commerce giants.
But in recent times China’s e-commerce panorama has remodeled from a duopoly (of Alibaba and JD) right into a fierce battleground, with Pinduoduo, Douyin and Kuaishou now claiming 40% of the market. The founders of Alibaba and JD are again to steer their corporations on this battle of attrition.
