Taobao and Tmall’s 11.11 Shopping Festival Records Robust Growth
11 November 2024 - 8:58PM
Business Wire
Taobao and Tmall Group (“Taobao and Tmall”), Alibaba Group's
China commerce retail business, announced that it achieved robust
growth in Gross Merchandise Volume (“GMV”) and a record number of
active buyers during its 16th annual 11.11 Shopping Festival
(“11.11” or the “Festival”).
“Consumer participation in this year’s 11.11 reached a historic
high, underscoring the impact of our ongoing efforts to enhance the
consumer experience and setting the industry benchmark for business
operating environment for merchants,” said Bo Liu, Vice
President of Alibaba Group and President of Tmall. “We are
pleased to see that 88VIP members, who have the greatest
consumption power on our platform, served as a key growth driver
for brands during the event, while the enthusiasm shown by the
younger generation of consumers was also highly encouraging. These
successes strengthen our commitment to continuously invest in user
experience, and we remain confident in delivering sustainable
growth for brands and merchants over the long term.”
Highlights from Taobao and Tmall's 2024 11.11 Shopping
Festival:
Spending by 88VIP members drove business growth for brands
and merchants
- Brands and merchants:
- A new record was set as 589 brands surpassed RMB100 million in
GMV, compared with 402 brands that achieved the milestone last
year.
- 45 brands surpassed RMB1 billion in GMV, including Apple,
Haier, Midea, Xiaomi, Nike and Wuliangye.
- 88VIP:
- The number of 88VIP members who placed orders increased by over
50% year-on-year, as of 12:00 a.m. November 11.
- 88VIP is China’s largest paid e-commerce membership program
with over 42 million members by the end of June 2024. Program
members are the most engaged power shoppers: on average, they visit
the Taobao app 25 days out of a month and spend nine times that of
non-members annually.
Growth across core categories and emerging consumer
trends:
- The traditional power categories on Taobao and Tmall
performed well: 66 apparel brands and 79 beauty brands
surpassed RMB100 million in GMV as of 12:00 a.m. November 11. 34
consumer electronics brands also surpassed RMB100 million in
GMV.
- Government subsidies and platform discounts contributed to
the successful performance of home appliances and furniture:
139 brands surpassed RMB100 million in GMV as of 12:00 a.m.
November 11.
- Lifestyle shifts among Millennial and Gen Z consumers fueled
outsized growth in emerging categories. The new consumption
force enabled four designer and collectible toy brands to surpass
RMB100 million in GMV as of 4:00 p.m. November 11. 34 sports and
outdoor brands surpassed RMB100 million in GMV as of 12:00 a.m.
November 11.
AI applications helped merchants achieve higher efficiency
and productivity:
- Taobao and Tmall’s AI-powered e-commerce toolkit has served
four million merchants since October, which has helped to reduce
their marketing expenses by generating over 100 million marketing
images, videos, and text. The toolkit also assisted more than
800,000 merchants to conduct over two million analyses on web
traffic to better reach consumers.
- With the help of the AI-powered marketing tool Quanzhantui,
nearly 290,000 merchants benefitted from sales growth for over 1.6
million products.
Note: All times mentioned in this press release refer to Beijing
time. The entire campaign period for this year's 11.11 is from
October 14, 2024 to November 11, 2024. Unless otherwise specified,
year-on-year growth rates are compared against the same date period
in 2023. GMV disclosed in this press release refers to the total
value of paid orders in RMB on Alibaba's Taobao and Tmall
platforms. It is reported on a real-time basis and includes
shipping charges paid (where applicable). All GMV and other figures
presented in this press release are unaudited and subject to
adjustments.
About the 11.11 Shopping Festival
The 11.11 Shopping Festival began in 2009 with participation
from just 27 merchants as an event for merchants and consumers to
raise awareness about the value of online shopping. For the latest
news and updates on the 2024 11.11 Shopping Festival, please visit:
https://www.alizila.com/.
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Media Contacts Morgan Lin +852 6933 0425
morgan.lin@alibaba-inc.com
Ivy Ke +852 5590 9949 ivy.ke@alibaba-inc.com
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