Infographic: 2023 Singles’ Day Results
The 15th Singles’ Day festival, commonly known as “Double 11” – the largest global shopping festival of the year, has drawn to a close.
It's clear that this year has been marked by a strategic emphasis on affordability, value, and shopping experiences. Various platforms, including Alibaba Group, prioritised offering "low prices" and “high value”, setting a distinctive tone for the "Double 11" shopping festival.
Here’s a quick breakdown of the 2023 “Double 11”:
[31st October to 11th November]
📌 Record Sales Figures – The Gross Merchandise Volume (GMV) for the festival reached ¥1138.6 billion (US$159.67 billion), marking a YoY increase of 2.08% across 40 platforms with over 2500 categories and 89,000 brands.
📌 A Big Focus on Value and Low Prices: Platforms like Alibaba and JD.COM emphasised providing consumers with the best deals, with Alibaba ensuring the lowest prices network-wide and JD.COM offering an extensive range of immediately available products.
📌 Leveraged Unique Strategies to Attract Customers: Each major platform has its own strategies to compete in the fiercely competitive market, with some examples listed below.
➡ JD.COM 京东 adopted “really cheap” as its overarching theme, by offering a wide array of products for immediate purchase
➡ Taobao Marketplace & Tmall 淘宝天猫 aimed to provide "the lowest price across the whole network,” using "dynamic price comparison" to guarantee the best value for consumers
➡ Kuaishou 快手 released the biggest discounts throughout the year so that users can feel that "a good life can be inexpensive"."
➡ Douyin 抖音 Mall offered at least a 15% direct price reduction for each product
➡ Pinduoduo 拼多多 used an enduring strategy of affordable prices, with a “10 billion subsidy campaign”
📌 The Power of Livestreaming: Like what our Managing Director, Mark Tanner said in one of our recent newsletters – livestreaming “is a constantly-evolving beast’. That could not be further from the truth. This Singles’ Day, livestreaming platforms like Douyin and Kuaishou performed exceptionally well, with Douyin leading in terms of GMV at ¥215.1 billion (US$30.15 billion).
📌 Top Selling Categories: Household Appliances, Phones/Electronics, and Clothing
[31st October to 3rd November]
The opening days of the “Double 11” shopping festival saw a significant surge in sales, a phenomenon that can be largely attributed to consumers prioritising their purchases to capitalise on the substantial discounts available during this period.
The infographic clearly shows that these initial days are critical for brands, as they represent a prime opportunity to attract customers looking to make the most of the largest discounts offered. This period is widely anticipated by consumers and businesses, underscoring its importance in the retail calendar.
