For Chinese consumers, Singles’ Day is perhaps the most significant e-commerce festival. From 2009 to 2023, the Singles’ Day shopping festival has reached its 15th anniversary. It has now become an unmissable opportunity for the e-commerce industry and all brands to enhance their sales. 2023 singles’ day is highly anticipated by consumers because major e-commerce platforms have all proclaimed the mantra of “competitive pricing.” So, aside from price incentives, what are the new trends in 2023 to look out for?
Tmall’s 2023 singles’ day: All-platform lowest price
In 2023, Tmall has set a core objective: “All-platform lowest price.” During the Singles’ Day shopping festival, Tmall will add two new categories of products. First, there’s “rock bottom price” ensuring the best prices across all e-commerce platforms during the same time frame. Second, “official direct discounts” Unlike the previous method of getting a RMB 50 discount on a RMB 300 purchase, consumers can now enjoy direct discounts of over 15% on individual items.
In the past, this has been a contentious point for consumers as the rules of Singles’ Day have become increasingly convoluted. Some have jokingly said it’s harder than a math exam, which has somewhat dampened enthusiasm. This year, it appears that Tmall has been attentive to consumer feedback, rectifying the complexities of previous rules and opting for straightforward price reductions.
Statistics show that over a million brands and merchants have already confirmed their participation in the 2023 singles’ day event. Additionally, new brands are embarking on a new wave of store openings on Tmall. The latest data reveals that in the third quarter of 2023, the number of new merchants joining Tmall has increased by 105% compared to the previous year.
One of the new brands, Vecvec, specializing in skiwear, opened its Tmall flagship store in June this year to catch up with Tmall’s Singles’ Day. In the upcoming ski season, they will debut over ten new products, including dual-board skiwear, snow helmets, snow goggles, gloves.In late August, the renowned audio brand BOWERS & WILKINS made its debut on Tmall, offering audiophiles their latest noise-canceling headphones. Meanwhile, the fashion brand MissWiss, known for its popular shark pants, entered Tmall and, within just two months, claimed the top spot on the new brand sales leaderboard.
It’s worth noting that Tmall has taken a significant step by deepening its integration with WeChat. Consumers can now seamlessly transition from WeChat advertisements to Tmall stores for making purchases. Tmall and WeChat, two giants in the Chinese internet landscape, had a history of non-cooperation due to various disputes over the past decade. Traditionally, consumers were accustomed to using WeChat for social and Tmall for shopping. This closed ecosystem was highly profitable for both platforms.
However, with the rise of emerging platforms like Pinduoduo, JD.com, and TikTok, WeChat is no longer the sole social platform, and Tmall is no longer the sole shopping platform. In response to these changes, Tmall and WeChat have embarked on an unprecedented deep collaboration. This allows consumers to break free from the constraints of a single platform’s closed ecosystem. They can now directly purchase Tmall products through WeChat and, conversely, share WeChat content directly on Tmall. This cross-platform service model undeniably provides consumers with a more diverse array of choices.
JD’s 2023 Singles’ Day: Affordable Deals and Immediate Stock Availability
The theme for JD is “Real Bargains.” It is worth noting that compared to the previous pre-sale activity rules, the biggest change of JD Double 11 this year is that after the shopping festival starts on October 23, the platform will directly conduct spot sales, covering a wide range of categories including 3C electronics, appliances, food, fashion, beauty, home furnishings, etc. Some potential best-sellers are already pre-stocked, and as soon as consumers place orders, JD will promptly arrange for packaging and transportation.
In terms of services, JD’s 2023 single’s day continues to offer consumers a “full-service experience,” including more than 200 services like price protection and doorstep replacements. This time, over 800 million products will participate in JD’s Singles’ Day full-price protection program. Data shows that since JD launched this service, the total number of price protection requests has surpassed 1 billion, saving consumers approximately ¥10 billion.
JD Retail CEO Xin Lijun stated that this year’s JD Singles’ Day aims to provide consumers with high-quality and affordable products, introducing measures and services that save both time and money. The ultimate goal is to offer a consumer experience where products are genuinely inexpensive, allowing consumers to make purchases with confidence.
He mentioned that consumer data from the “618” promotion and the National Day Golden Week indicate the potential for a market surge. Simultaneously, he observed a shift in consumer mindset. On one hand, consumers are becoming more rational in their spending, and on the other hand, they are placing a greater emphasis on the cost-effectiveness of products. They seek value for money while also valuing the intrinsic quality and service of the products they purchase. In other words, “They are willing to invest in quality but are cautious about overspending.”
In terms of pricing, JD has introduced new features this year, such as the “Billion Subsidy Channel” and the “RMB 9.9 Free Shipping Channel.” According to Xin Lijun, the number of products participating in JD’s “Billion Subsidy” during 2023 Singles’ Day is twice that of the ”618” promotion. In a previous “RMB 9.9 Super Savings Day” event, within just one hour, nearly a hundred merchants from various industries saw their sales volume increase by more than ten times.
As reported, the number of merchants participating in this year’s Singles’ Day has increased by more than 1.5 times compared to the previous year, and over 500 million new products will be launched.
These are the new trends in the2023 single’s day event among mainstream e-commerce platforms in China. As for this year’s sales results, MyMyPanda will be sure to keep you updated. If you’re also looking to boost your sales in the Chinese market, you can talk to our experts, and they will tailor a suitable China market strategy for your brand.