Alibaba Group’s Festival in China Shows Growth
Taobao and Tmall Group, integral components of Alibaba Group’s thriving commerce business in China, have triumphantly concluded their 15th annual 11.11 Shopping Festival. This celebrated event witnessed both platforms achieving commendable positive year-on-year growth in gross merchandise volume (GMV), order numbers, and active participating merchants when juxtaposed with the corresponding period in the preceding year.
The success of Taobao and Tmall was underscored by Trudy Dai, the Chief Executive Officer of Taobao and Tmall Group, who attributed their robust performance to a strategic commitment to prioritizing users. This user-centric approach emphasized competitive pricing, diverse content offerings, and the integration of AI-driven technologies. These technological advancements played a pivotal role in optimizing the overall consumer and merchant experiences throughout the campaign.
In reflecting on the festival, Trudy Dai highlighted the significance of brand membership programs in fostering sustained consumer loyalty and generating enduring business opportunities. These programs have become integral to the overall success of the 11.11 Shopping Festival.
Here are some critical highlights gleaned from the outcomes of Taobao and Tmall’s 2023 11.11 Shopping Festival:
- Price-Competitive Offerings Driving Sales Growth:
- As of 12:00 a.m. on November 11, an impressive 402 brands eclipsed RMB 100 million in GMV. Furthermore, 38,000 brands achieved over 100% year-on-year growth in GMV.
- The direct discount venue, which featured a substantial 15% price reduction, recorded an impressive 210 million orders during the sales period. Simultaneously, the platform showcasing value-for-money products from manufacturers garnered nearly 90 million orders.
- Content Strategy as a Catalyst for Business Opportunities:
- By 12:00 a.m. on November 11, a notable 38 merchant-operated livestreaming channels individually generated over RMB 100 million in GMV, constituting over 60% of the media achieving this noteworthy milestone.
- A total of 451 merchant-operated channels recorded GMV exceeding RMB 10 million each.
- Increased AI Adoption: Elevating Customer Experience:
- The adoption of AI-driven merchant tools was remarkable, with users engaging with these tools over 1.5 billion times during the 11.11 preparation and campaign period.
- Since its beta launch in September, the Taobao App’s embedded generative AI application, known as “Taobao Wenwen,” has successfully assisted millions of users by providing guidance in consumer purchasing decisions through AI-powered question-and-answer interactions.
- Brand Membership Programs Cultivating Customer Loyalty:
- A testament to the success of brand membership programs was the addition of more than 100 million new members by Taobao and Tmall merchants.
It is crucial to note that all the times mentioned adhere to Beijing time. The comprehensive campaign period for the 2023 11.11 Festival spanned from October 24, 2023, to November 11, 2023. The pre-sale period commenced on October 24, 2023, and the sales period unfolded from October 31, 2023, to November 11, 2023. Year-on-year growth rates are presented concerning the exact date period in 2022. GMV, representing the total value of orders in RMB settled through Alipay on Alibaba’s Taobao and Tmall platforms, is reported in real-time and encompasses shipping charges paid where applicable. All figures presented in this detailed overview are subject to adjustments as they still need to be submitted.