China Merchants released a research report saying that when the Singles' Day ended in 2022, the e-commerce transaction volume of the whole network reached 1.1507 trillion yuan (+ 13.43% compared with the same period last year), the overall sales growth was steady, showing strong consumer resilience, and the comprehensive e-commerce growth rate slowed down (+ 2.9% compared with the same period last year). Live e-commerce performed well (+ 146.1% compared with the same period last year). The Singles' Day promotion emphasizes the service of the real economy and the improvement of consumers' shopping experience, while the rise of content platforms broadens consumption paths and promotes business outbreaks.

The bank is optimistic that future platform e-commerce will further promote real economic growth and optimize consumer experience, as well as live e-commerce, real-time retail and other new business type to contribute new impetus to industry growth.It is recommended to continue to pay attention to Pinduoduo (PDD.US), BABA-SW (09988), JD.com Group-SW (09618), Meituan-W (03690).

The main points of the report are as follows:

E-commerce transaction volume hit a new high, live e-commerce performance is eye-catching.

According to the data, from 8:00 on October 31st to November 11th, the trading volume of e-commerce on the whole network was 1.1507 trillion yuan, an increase of 13.43% over the same period last year, of which comprehensive e-commerce sales were 934 billion yuan (+ 2.9%), with Tmall occupying the first place; live e-commerce sales were 181.4 billion yuan (+ 146.1%), with outstanding growth performance. Douyin, Diantao and Kuaishou Technology respectively ranked in the top three in market share. New retail sales of 21.8 billion yuan (+ 10.8%), Meituan flash purchase share ranked first; community group purchase sales of 13.5 billion yuan (+ 1.1%), buy more vegetables ranked first. During the promotion period, the express delivery season was ushered in. From November 1 to 11, the national postal express delivery enterprises handled a total of 4.272 billion express parcels, which was-10.55% of the same period last year, mainly due to the delay of express delivery time caused by the epidemic in some areas.

Various platforms greatly promote rhythm differentiation, increase discounts, and emphasize the optimization of consumer experience.

In terms of the time of the event, the rhythm of the Singles' Day was divided. The opening time of JD.com and Pinduoduo's Singles' Day was 8:00 on the evening of October 20, while that of Tmall and Douyin was relatively delayed. It was 8:00 in the evening of October 24th and zero o'clock on October 31, respectively. In terms of discounts, this year's Singles Day, various platforms have increased their discount efforts to benefit consumers. Tmall has reduced 17% discount across stores (15% discount last year), and JD.com has reduced 18% discount / 10% discount (13% discount / 6% discount last year). In addition, this Singles Day holiday focuses on optimizing consumer services, Tmall upgrades the capacity of shopping carts, extends the price insurance period, Cainiao logistics increases speed by 3-5 hours compared with the same period last year, and JD.com upgrades distribution services and freight insurance rights and interests, improving users' shopping experience as a whole.

The TOP category remained stable, and new consumption trends spawned new growth categories.

In terms of category structure, the top three categories of comprehensive e-commerce sales are household appliances, mobile phone digital, and clothing, which are the same as last year, accounting for 15.7%, 14.3% and 13.9% of sales respectively. In terms of market share, Tmall ranks first in categories such as beauty and skin care (67 per cent), perfume makeup (68 per cent), leisure snacks (56 per cent) and pet food (53 per cent). JD.com ranks first in household appliances (59%), cleaning (52%) and foreign wine (62%). In addition, many new growth categories broke out this time under the catalysis of the new consumption trend. Tmall produced a total of 148 trend categories with a turnover growth of more than 100% during the Singles' Day. JD.com 's agricultural products led the growth. More than 50% of the 100 agricultural commodities with the highest turnover are new varieties.

Tmall double 11 stable GMV is flat, JD.com exceeds the industry growth rate, the overall emphasis on serving the real economy.

According to Tmall's official data, the total transaction volume of Tmall's Singles Day in 2022 was the same as that of last year (540 billion yuan last year), showing a stable and good situation as a whole. Businesses are more diversified, with a total of 290000 brands, millions of small and medium-sized businesses, and 21 million + commodities participating in the promotion, resulting in a total of 20 + 10 million and 25000 + million individual products. in addition, the overall turnover of many industrial belts of small and medium-sized enterprises Yunji Inc has achieved triple-digit growth. JD.com achieved faster growth than the industry on Singles' Day, and the number of retail shopping users performed well. During the great promotion period, the direct purchase of JD.com industrial belt contributed to high growth, and the volume of real estate industrial belt increased by 80% compared with the same period last year. In addition, JD Logistics, Inc. 's intelligent supply chain infrastructure was further upgraded, and the large-scale processing capacity of Asia No.1 Industrial Park increased by 50% over the same period last year. Tmall and JD.com both stressed that they should take root in the real economy and promote the dynamic growth of consumption.

Content e-commerce promotes the outbreak of business, enriches shopping forms and broadens consumption paths.

During the Singles' Day, the contribution of content platforms led by live e-commerce increased significantly, and Taobao Live was catalysed by the addition of new anchors represented by Luo Yonghao. On November 1, transactions led by waist anchors and new anchors increased by 684% and 365% respectively compared with the same period last year. According to Douyin double 11 good things Festival data report, Douyin e-commerce Singles' Day event merchants increased 86% year-on-year, shelf e-commerce led to a 156% year-on-year increase in average daily sales. In addition, Xiaohongshu and other content platforms try Singles Day to further enrich shopping forms and broaden consumption path choices.