Original Title: From Fighting Traffic to Comparing Services This year’s “Double 11” stimulating consumption has new ideas Source: Economic Daily
This year’s “Double 11” stimulates consumption with new ideas——
From fighting traffic to comparing services
Our reporter Feng Qiyu, Huang Xin, and Wang Yichen
“Double 11” every year, this year is different.
From the pre-sale of Wei Ya’s live broadcast room on October 20th, it was proposed that “starting at 4 pm, worry-free purchases, no need to stay up late”, to “this year’s JD 11.11 event will start at 8 pm the day before”, this year “Double 11” During the e-commerce shopping festival, many merchants began to adjust their strategies to boost consumer demand by improving consumer experience, lengthening shopping time, and enhancing consumer satisfaction and happiness. Li Zhengbo, chief analyst of China International Electronic Commerce Center, said that “Double 11” has become one of the important windows for observing and grasping the trend of China’s consumer market. This year’s “Double 11” shopping festival has new highlights in consumer services, market players and commodities, reflecting the new development trend of China’s consumer market.
Online shopping caters to consumer demands in the post-epidemic era
This year’s “Double 11”, the sales data of various e-commerce platforms continued the good momentum of previous years. At 0:00 on November 12, Tmall’s “Double 11” total transaction volume was 540.3 billion yuan. Jingdong’s “Double 11” cumulative order amount has exceeded 349.1 billion yuan.
However, it should also be noted that compared with previous years, the situation faced by my country’s consumer market during the “Double 11″ period this year is more complicated. Zou Yunhan, an associate researcher of the Economic Forecasting Department of the State Information Center, said that in the context of the pulsating impact of local epidemics on consumption recovery, e-commerce platforms have adopted a more pragmatic strategy. The essence of good consumption, not traffic competition between businesses.”
On the whole, the consumer market is showing a recovery growth trend, showing strong resilience, and consumption is still the main driving force of my country’s economic growth. In the first September, my country’s total retail sales of consumer goods increased by 16.4% year-on-year and 8% year-on-year. The contribution rate of final consumption expenditure to economic growth in the third quarter was 78.8%, which also showed a relatively high level. At the same time, in the past month, the local spread of the new crown pneumonia epidemic has brought an intermittent but more obvious impact on consumption recovery, especially on service consumption.
Analyzing the impact of the epidemic on “Double 11” consumption, Zou Yunhan believes that the epidemic has led to a stronger willingness to shift consumption online. At present, the epidemic will once again reduce the demand for offline consumption in the year-end consumption season, and with the slowdown of e-commerce penetration rate, online consumption may usher in an “unexpected” growth opportunity. However, it should also be noted that the epidemic has led to regional consumption differentiation. In areas where strict containment measures have been taken, larger express volumes will cause difficulties in local transportation and distribution, and online shopping will also be affected.
Experts said that this year’s “Double 11” e-commerce growth environment is better than last year. The domestic economic recovery process is more stable. Under the influence of factors such as the improvement of the macro environment and the lessening of the pressure on enterprises to “survive”, the income of residents has maintained a gradual upward trend, and the consumption capacity has recovered compared with the same period last year. “Double 11” The growth foundation of consumption is more solid. At the same time, because income has not been completely affected by the epidemic, residents’ willingness to spend is more conservative than normal, and online shopping with better cost performance can better cater to consumers’ psychology of “spending small money and doing big things” under the epidemic.
Merchants pay more attention to “reducing the burden” for consumers
In recent years, with the development of diversified consumption, a good consumption experience has become one of the important factors for consumers to choose products. “Reducing the burden” for consumers is also valued by more and more businesses. Many merchants have begun to shift from concentrated bursts of impact on sales to how to continuously and steadily increase consumer attention and brand stickiness with product marketing and high-quality services.
“There have been two changes this year: First, the battle line has been stretched, such as Tmall, JD.com, etc., will start the first wave of pre-sales on October 20; second, the preferential rules have changed from complicated to easy.” said Yang Yirui, consultant of Zhongcheng Think Tank, 2018 The complex preferential rules of “Double 11” have been criticized since the beginning of the year. This year, there is a trend of simplification. “Many categories such as home, beauty, and imported brands on the JD platform have adopted direct discounts; Tmall platform provides cash subsidies. , Divide the red envelopes to replace the original shopping allowances and “building buildings” and other complex gameplay; Pinduoduo simply directly launched a 0.01 yuan to 300 yuan deduction coupons to purchase tens of billions of subsidized products.”
“Promotional purchase time is more reasonable, so that consumers can’buy and be happy’.” said Bai Ming, deputy director of the International Market Research Institute of the Ministry of Commerce.
The many new features of Double 11 this year are closely related to the maturity of my country’s digital consumer market. Since the beginning of this year, under the influence of factors such as obvious tightening of platform supervision and increased supervision of unfair competition, it has become the consensus of the industry to promote the healthy and orderly development of platforms. In this context, “doing greater efforts to facilitate consumers” has become the choice of many businesses, and the outstanding performance of live broadcast e-commerce is precisely to cater to this trend. For consumers, the price advantage brought by the strong bargaining power of live e-commerce is more obvious. Many products are carefully selected by e-commerce to reduce the cost of personal choice, and the shopping experience is more convenient.
Promoting consumption still requires continuous efforts from multiple parties
Looking forward to the consumption situation at the end of this year, Li Zhengbo said that the various consumer promotion policies promulgated by the state will continue to be effective, superimposed on the e-commerce shopping festivals such as “Double 11” and “Double 12”, and the peak consumption season at the end of the year. Continuing to maintain a trend of recovery and improvement, consumption is expected to achieve the expected growth target under the condition that there is no major change in the epidemic situation.
Zou Yunhan believes that the current epidemic will have a certain impact on the consumption recovery in this year’s volatility. In the next step, the promotion of consumption still needs to start by consolidating the foundation for consumption growth, enhancing residents’ spending power, and improving residents’ willingness to consume, and multiple measures must be taken to form a policy synergy.
The hot “Double 11” market has once again demonstrated the consumption potential of the domestic demand market from one aspect. In the long run, it is still necessary for all parties to work together to continuously promote consumption. Relevant experts suggest that we should further strengthen the employment stabilization policy, increase assistance to stabilize jobs, study and improve the unemployment insurance stabilization return standard; guide all regions to optimize and improve the temporary assistance mechanism, and make good use of the temporary assistance reserve fund system in towns or streets. , For families or individuals whose basic lives have been affected by the epidemic and are in trouble, and the relevant social assistance and security systems are temporarily unable to cover them, they shall be included in the scope of temporary assistance in a timely manner. In addition, it is necessary to improve and enrich the automobile consumption support policy, accelerate the development of the second-hand car market; promote the digitalization of the service industry, vigorously promote the digitalization of the life service industry, and encourage individual industrial and commercial households or small and micro enterprises to carry out the digital construction of the community life service industry.