Tmall's Double 11 transaction volume reached 540.3 billion yuan, with growth quality and social value becoming core indicators

At 0:00 on November 12, 2021, Tmall’s Double 11 total transaction volume was capped at 540.3 billion.

After 12 years of rapid growth, Tmall's Double 11 transaction volume has already reached a huge level . The continued steady growth on this huge base shows the huge appeal of Double 11 to merchants and consumers.

More importantly, at the beginning of this year's Double 11, GMV was not the most important goal. Tmall management has repeatedly emphasized that this year's Double 11 will focus more on the quality of development - better customer experience, more friendly business environment, and healthier business ecology.

During this year's Tmall Double 11, a large number of merchants achieved leapfrog growth. As of 23:00 on November 11 , 698 small and medium-sized merchants achieved a leap from sales of millions to tens of millions; 78 brands that had sales of tens of millions during last year's Double 11 sales exceeded 100 million yuan this year.

Chuixue, vice president of Tmall Business Group, said that growth quality and social value are the most important goals of Tmall Double 11. "We pay more attention to improving the experience of consumers and merchants, as well as a healthier business ecosystem."

Return to customer value, merchant experience becomes the benchmark

The number of merchants participating in Tmall Double 11 this year has grown to 290,000 , a record high. It is worth noting that 65% of them are small and medium-sized merchants, industrial belt merchants and new brands , and 70,000 are new merchants participating for the first time .

Starting from January this year , Tmall’s management proposed that “ optimizing merchant experience and consumer experience is one of the core strategies for the future .” To this end, Tmall’s strategic investment in customer value continues to expand.

Since the beginning of this year, Taobao and Tmall have launched more than 30 merchant support measures, including free merchant operation tools such as Business Advisor and reduced credit payment fees, to lower the threshold, reduce costs and increase efficiency, and optimize the business environment, reducing the operating costs of merchants by at least 15 billion yuan. In addition, Tmall has also strengthened the merchant strategy and merchant backend tool teams, and established exclusive merchant service and consumer service operation teams .

Double 11 is an important sales node. The sales and experience of participating merchants, especially small and medium-sized merchants , are the intuitive yardsticks for measuring the results of these actions.

Li Ke, a Henan businessman, mainly sells local specialties such as dried sweet potatoes and sweet potato starch. Within half an hour of opening, the store's sales exceeded the entire day of last year's Double 11. He said: "It doesn't matter that we are small, we are working hard."

A research report released by iResearch on November 7 showed that during the Double 11 period, Tmall ranked first in the confidence index (preferred operating platform) of small and medium-sized merchants in various e-commerce platforms with a share of 73.9%.

Value dimensions beyond transaction volume: inclusiveness, tolerance, and greenness

Not only merchants, but also consumers and the wider public have begun to feel many significant changes in Tmall's Double 11 .

The consumer group is constantly expanding. Consumers born in the 1990s and 2000s account for more than 45%, and the number of people born in the 2000s who participated in Double 11 increased by 25% compared with last year . In mid- October , Taobao App launched the "Elderly Mode". Every day , 1.1 million "silver-haired people" use the "Elderly Version of Taobao " to shop on Double 11.

In order to meet the special needs of people with disabilities, this year's Double 11 also opened a dedicated venue. On October 22, the China Disabled Persons' Welfare Foundation under the China Disabled Persons' Federation jointly launched the "One Shoe Plan" with Tmall and seven brands including Huili, Skechers, Reebok, Jordan, Camel, Semir, and ECCO , providing single shoe sales services for people with disabilities at half the price of a pair of shoes. In addition, special products covering hearing-impaired, visually-impaired, physically disabled, bedridden and other special groups have a dedicated venue and barrier-free configuration for more convenient access for people in need .

Double 11 also attempts to become a public place to spread the concept of green and public welfare. This year, Tmall released a carbon reduction plan for Double 11 , launched the " Green Venue " for the first time , launched 500,000 green products, and issued 100 million yuan in green consumption subsidies . So far, more than 2.5 million people have purchased green products during Double 11. At the same time, "public welfare products" account for 10% of all Tmall products .

These changes show that Tmall Double 11 is downplaying the transaction volume and establishing a value system that can measure the intrinsic development quality of the platform. Values ​​such as inclusiveness, tolerance, and greenness have become important directions for platform resource investment.

From "speed" to "health", Internet companies reshape their growth goals

Rather than pursuing growth rate, we focus more on growth quality and customer experience.

Tmall Double 11 is one of the dimensions for observing the development of the Internet. In the past 20 years , Internet companies have benefited from the rapid development of China's economy and achieved unprecedented high-speed growth. However, under the speed, the short-sighted and extensive development methods will not only damage the rights and interests of users and the market environment, but also restrict the companies' own "muscle building and strengthening bones".

Not only Tmall, but also the entire Internet industry, the development stage that is only guided by growth figures is gone forever. How to integrate its own development into the actual needs of social development and achieve value creation based on co-prosperity with society and customers has become the key to maintaining healthy and benign growth of the Internet.

Facts have proven that investing profits in optimizing the comprehensive costs of merchants and creating social value does not conflict with the efficiency indicators of merchant performance, user retention, etc. on the platform. On the contrary, such a strategic shift helps to cultivate the business ecology, optimize the operating environment, win long-term trust from customers for the platform, and create longer-term value for customers.

Double 11 is now in its 13th year, and it is no longer just a place to sell goods. For Alibaba, the sales figures during Double 11 are no longer the most important indicator. Alibaba is actively seeking change to bring long-term growth to customers and create long-term value for society. This is also what a large digital economy company should do under the new situation.

Tmall

Double Eleven