What is the potential of new consumption behind the first wave of

2021-11-02

(the "double 11" is coming, and the snail powder enterprises in Liuzhou, Guangxi are producing at full capacity and preparing sufficient supplies to meet the upcoming sales peak. Photo by Huang Xiaobang, reporter of Xinhua News Agency) The "double 11" in 2021 will come earlier than in previous years. This year's "Jingdong 11.11 global love season" was fully launched at 8 p.m. on October 31, and more than 190 million goods were sold in four hours. At 0:00 on November 1, the first wave of tmall's "double 11" was officially launched. According to incomplete statistics, in the first hour of tmall's "double 11", the turnover of more than 2600 brands exceeded that of the whole day on November 1 last year. This season's "double 11" experienced the first wave of "flood peak", and consumer enthusiasm broke out in an all-round way. "Double 11" from "singles day" to "double festival" and then to national carnival, each "double 11" seems to be embracing change and new consumer market. Compared with previous years, this year's "double 11" has three highlights: First, live broadcasting with goods has become an important sales mode of "double 11", which has changed the drainage mode focusing on "goods" in the past and changed to the drainage mode focusing on "content". We can see that in addition to the short video platform, traditional e-commerce has increased the marketing investment of the live channel in the "double 11" this year, with more anchors and more businesses promoting the preferential goods and services of "double 11" through the live channel. Second, consumers' personalized customization, from "what merchants sell and what consumers buy" in the past to "what consumers want and what merchants produce". Based on massive user data, the platform can have in-depth insight into consumer needs, explore market segments with merchants, create single product explosion models, and realize the intelligence of the supply chain. Consumers can also customize products according to their personal preferences, such as privately customized shirts, furniture, etc. Third, new domestic products have become an important new growth point of consumption in the "double 11", and consumers have changed from "only buying international brands" to "buying tide brands of domestic products". From the data of tmall's "double 11" in the first hour of sales, the performance of domestic brands is particularly eye-catching. According to China Economic Net, domestic brands such as Hongxing Erke, Wuling Automobile, Xiaopeng automobile, Winona, Yunjing, Tianke, Lin's wood industry, mu Gaodi, Huili, Jiaoxia, Chu orange, Fang huichuntang, taipingniao and bosie exceeded the sales of last year in an hour. Here, new domestic products include not only new generation brands, but also the renewal of old brands and time-honored brands. New domestic products are eye-catching in beauty, home appliances, mobile phones, cars, clothing and other categories, especially loved by the post-90s and post-00s young people, and are accelerating to catch up with and surpass international brands. The rise of new domestic products does not rely on low price competition, but reflects consumers' pursuit of commodity cost performance. (on November 10, 2020, in Guangzhou airmail processing center of China Post Group, the staff worked in the general contracting waiting area. Photographed by Xinhua News Agency reporter Deng Hua) In the new stable stage of epidemic prevention and control, as the largest online consumer shopping festival, the "double 11" e-commerce promotion undoubtedly plays a positive role in stimulating consumption. First, boost consumer confidence and boost economic growth. In recent years, with China's economy changing from high-speed growth stage to high-quality development stage, the importance of consumption as the "ballast" of economic growth has become increasingly prominent, and consumption has increasingly become the first driving force driving China's economic growth. This year's "double 11" started earlier than in previous years, which will significantly stimulate the online retail sales of physical goods in October and November. Since this year, China's online retail market has continued to maintain a steady growth trend. In the first three quarters, the national online retail sales reached 9.19 trillion yuan, a year-on-year increase of 18.5%; Among them, the online retail sales of physical goods were 7.5 trillion yuan, a year-on-year increase of 15.2%, accounting for 23.6% of the total retail sales of social consumer goods. It is expected that "double 11" will greatly drive the growth of total retail sales of social consumer goods in October and November, greatly boost consumer confidence and highlight the unlimited potential of China's super large-scale market. Second, promote the further integration of online and offline consumption, and new consumption models and new formats emerge one after another. "Double 11" has more and more platforms and brands that pay attention to the integration of online and offline consumption scenarios. In the past, the "double 11" was just a "Carnival" of online e-commerce. In recent years, the "double 11" has carried out an omni-channel layout of marketing, realized the digital marketing of guiding customers from offline store experience to online purchase, optimized consumers' shopping experience in offline stores and helped build brand private domain traffic. Some businesses use "double 11" to promote new consumption formats integrated with virtual reality technology and Internet of things technology, and more rich and interesting new consumption forms, such as unmanned supermarkets, unmanned coffee shops, etc. At present, consumption has become the main engine of China's economic development. Under the background of expanding domestic demand, it is an inevitable requirement to fully stimulate the super large-scale market advantage and consumption potential. To further tap the potential of the new economy to stimulate consumption, first, we should comply with the trend of consumption upgrading, improve traditional consumption and cultivate new consumption with the help of a new generation of information technology. Actively promote the organic integration of online and offline consumption, and the platform needs to further empower and serve the real economy. Second, innovate the supply of digital products and services, and promote the rapid development of digital consumption and service consumption. Promote the development of consumption to green, healthy and safe. Third, by stabilizing employment, optimizing income distribution, improving the consumption environment, strengthening public services and innovating the consumption promotion mechanism, we should further form a higher level dynamic balance between demand driving supply and supply creating demand, so as to inject new momentum into China's high-quality economic development and the construction of a new development pattern. (Xinhua News Agency)

Edit:Ming Wu    Responsible editor:Haoxuan Qi

Source:XinhuaNet

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