BEIJING, Nov. 25, 2021 /PRNewswire/ -- The "Double-11" shopping carnival this year has seen new changes in terms of time span, channel preference and consumer categories compared with previous years, according to the latest study by NielsenIQ, the leader in providing the most complete, unbiased view of consumer behavior, globally.
This year's carnival is seeing a shift from pursing volume but a conscious effort to encourage rational shopping and China e-commerce platforms are leading the way as they look to build a more sustainable development of e-commerce environment.
Established China brands such as T-Mall and JD.com continue to lead on the transaction volume of this year's shopping festival on "Double-11".
However fast short-video apps developers such as Kuaishou and Douyin are emerging as new power e-commerce power brands, creating a "multi-master competition." Between established brands and emerging media players.
The total transaction value of T-mall "Double-11" was 540.3 billion yuan ($84.56 billion), and the transaction value of nearly 700 small and medium-sized brands jumped from millions to tens of millions. JD.com broke the record by placing 349.1 billion yuan of orders during the shopping spree. The number of brand merchants on Kuaishou increased by 391% year-on-year, and the orders of brand goods increased by 350% on a yearly basis. On the other hand, Douyin's e-commerce data reveals consumers' enthusiasm for the "Chinese fad", with the number of domestic products in the list of popular products accounting for 87.5%, and its e-commerce livestreaming reached 39.5 billion hits.
Nancy Song, Managing Director of NielsenIQ China, comments that livestreaming has performed well in terms of sales during this year's "Double-11" shopping festival, hitting a new high with 82.1 billion yuan in sales during the first stage of pre-sales, justifying the investment from leading e-commerce platforms who have upgraded livestreaming tap into the pre-sale brand referral traffic.
"After 13 years of rapid growth, the shopping festival has gradually matured, and we are seeing the emergence of the "rational consumer". When it comes to the future development of e-commerce, improving the shopping experience is the key for e-commerce platforms to enhance their core competitiveness," Song said.
For more information about this year's insight into Double-11, contact NielsenIQ experts.
ABOUT NIELSENIQ
NielsenIQ is the leader in providing the most complete, unbiased view of consumer behavior, globally. Powered by a ground-breaking consumer data platform and fueled by rich analytic capabilities, NielsenIQ enables bold, confident decision-making for the world's leading consumer goods companies and retailers.
Using comprehensive data sets and measuring all transactions equally, NielsenIQ gives clients a forward-looking view into consumer behavior in order to optimize performance across all retail platforms. Our open philosophy on data integration enables the most influential consumer data sets on the planet. NielsenIQ delivers the complete truth.
NielsenIQ, an Advent International portfolio company, has operations in nearly 100 markets, covering more than 90% of the world's population. For more information, visit www.nielseniq.com.
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Insights Article 1:
Title: "Double-11" Sees the Emergence of the 'Rational Consumer'
Author: Barbara Shi, VP of E-commerce Research of NielsenIQ China
We're now seeing the transformation of the "Double-11" shopping festival into a carnival of shopping will become the new normal.
Now it's in thirteenth year, Double-11 still continues to evolve, however this year we are seeing an emergence of "rational consumption".
Instead of pursuing GMV, all platforms have returned to stay true to their original aspiration and establish their own identity to build a sustainable development of e-commerce environment. Ministries and commissions issued policies have been calling for rationality during the "Double-11" festival to avoid irrational and impulsive shopping. Key consumer attributes are focusing on the importance to the quality of development, better customer services, more friendly business environment, and a healthier business ecosystem.
According to the NielsenIQ report, in response to China's carbon neutral development goal, green energy emission reduction will be the main theme of the "Double-11" this year. To carry out the "14th Five-Year Plan (2021-25) " for e-commerce development and guide e-commerce enterprises to actively adapt to green development, all major platforms have the same focus on low-carbon and green energy concepts in this year. By taking measures such as using green consumption coupons and recycling packaging, consumers can receive a real "Carbon Reduction Bill" after shopping, which sets a "green" foundation for the whole e-commerce market in the following six months.
China has further strengthened its supervision on different types of platforms. Meanwhile those platforms have also significantly improved their own operation requirements. All these efforts are to promote the healthy, orderly, and high-quality development of the e-commerce industry, and realize the symbiosis and win-win situation between enterprises and the industry while protecting consumers' rights and interests.
Insights Article 2:
Title: Generation Z Comes to the Stage, Becoming a New Potential for Future Consumption
Author: Nancy Song, Managing Director of NielsenIQ China
NielsenIQ latest study has found that Generation Z (consumers born between the mid-1990s and the early 2010s) are the major consumers for the "Double-11", is on the rise. This group, with a large population and considerable spending powers, is now regarded as a super consumer group for brands to focus on.
According to NielsenIQ, Generation Z makes up about 19 percent of China's population, or 260 million people. About 55 percent of Gen Z are still students, with an average monthly pocket money of nearly 1,680 yuan.
Although they have formed good consumption habits, they are still in a period of mental cultivation. Leveraging their higher spending power and in line with the network information age, Generation Z, who grew up with digital information technology, instant communication devices, smart phones, and other products, are now gradually releasing their consumption power .
In this year's "Double-11" shopping spree, Generation Z has shown its featured consumption needs and characteristics. Among the most representative group—college students of generation Z, most of them shopped on the "Double-11" due to low prices and new products, among which 86.9% of them are attracted by the competitive price of products. In terms of product categories, they focus on beauty makeup, personal care, food and clothing, and 51% of them spend almost their whole monthly pocket money (1,680 yuan on average) on the "Double-11" shopping spree.
According to NielsenIQ, Generation Z also has different point of view on this year's "Double-11" sales. Despite being adept at using mobile phones, this group has little tolerance for complex gameplay and over-hype. In their opinion, the main problems of this year's "Double-11" are too complicated promotion methods, too much publicity and advertising push as well as some misleading prices. It is also said that the young group prefers to participate in less complicated promotions, such as full discounts and receiving shopping allowances. This means there are opportunities for brands to simplify promotion and pricing methods.
Implications for brands
Brands can successfully carry out "Double-11" marketing, we can deduce from this year's "Double-11" new consumption characteristics. In this year's "Double-11", the live streaming e-commerce has shown an obvious strong growth trend; Global cross-border B2C&B2B still has many dividends; Chinese fad and international brands both have made excellent achievements. Commerce with high per-transaction price and outstanding non-traditional categories starts to make significant progress on the online business. Brands need to focus on these aspects and improve their digital capabilities, which may be key to keeping continued growth and leading to success in the annual "Double-11" shopping spree.
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