At 0:00 on November 12, 2020, Tmall disclosed the platform sales during the 2020 Double Eleven period - 498.2 billion yuan, setting a historical record for Tmall's Double Eleven transaction volume.

1. On Double Eleven in 2020, the overall data caliber became incomparable to Double Eleven, which just ended, the overall growth momentum of GMV is still continuing. At 0:00 on November 12, 2020, Tmall disclosed the platform sales during the 2020 Double Eleven period - 498.2 billion yuan, setting a historical record for Tmall platform's Double Eleven transaction volume.

However, the disclosure caliber in 2020 has changed in the time range - in previous years, the transaction volume disclosed by Tmall platform only included a single day on November 11, while the transaction volume disclosed in 2020 included November 1 to 11, a total of 11 days; and the promotion also changed to 11.1-11.3 and 11.11, and the GMV data is not very comparable at the operating level. We believe that the number 498.2 billion is not completely comparable to the past at the operating level: the rules of Tmall Double Eleven in 2020 have changed, and the big promotion has become two waves on November 1 and 11, and the pre-sale settlement period is also divided into two windows: 1-3 days and 11 days.

's new promotion rules lead to: ① The GMV on the 11th "Double Eleven" day was scattered on the 1st; ② And the overall from the 1st to the 1st, more balanced sales can be gathered.

First point, 0:30-24:00 on the 11th Sales declined year-on-year in 2019, and the 2020 Double Eleven Cat Sales may be more concentrated at 0:00-0:30. According to the data disclosed by Tmall, the GMV of the Tmall platform from 0:00 to 0:30 on the 1st of 2020 was 372.3 billion yuan, and the GMV of 0:30 to 24:00 on the 11th was about 4982-3723 = 125.9 billion yuan; while on the 11th of 2019, the GMV of Tmall was about 70 billion yuan and 268.4 billion yuan (breaking through 70 billion yuan in 29 minutes and 51 seconds), and the GMV of 0:30 to 24:00 on the 11th was about 198.4 billion yuan. We think this may be because more sales occurred at 0:00-0:30, including the final payment paid for the previous pre-sales. The second point of

is reflected through pre-sales: the products during the pre-sales period cannot be sold normally, which plays a "gathering" role; and after the pre-sales of this Double Eleven are changed to two waves, the pre-sales of major categories have increased significantly. According to Tmall pre-sale rules, the goods cannot be sold normally during the pre-sale period, so the balance sales during the pre-sale period will be gathered on the day of payment of the final payment. The pre-sales for this "Double Eleven" are divided into two waves and the pre-sales increased significantly. Taking the two important categories of beauty and skin care and women's clothing as examples, the monitoring results of Tao data show that the pre-sales of beauty and skin care/women's clothing in October 2020 increased by 141%/60% year-on-year respectively, and the pre-sales in October 2020 were both higher than the sum of October and November 2019. Since the pre-sales in October are mainly composed of pre-sales during Double Eleven, after this rule changes, Double Eleven will be able to gather more sales as a whole.

Since Tmall Double Eleven GMV accounts for the highest proportion, after the sales of Tmall platform on Double Eleven on the day of Double Eleven on the 2020 platform did not increase significantly year-on-year in 2019. According to Xingmao data, according to the data of major e-commerce platforms, the sales of Tmall, JD.com, Pinduoduo and Suning.com accounted for 59%, 26%, 6% and 3% of the entire network on the day of Double Eleven. A total of 1.325 billion parcels were generated on the 2020 "Double Eleven". On Double Eleven, there were 82,000 brands participating in the big promotion and 31.46 million SKUs, of which 6.41% of the new products released during the Double Eleven promotion accounted for 6.41%. Sales on Double Eleven on 2020 decreased compared with the previous year mainly because the major platforms of Double Eleven on 2020 had a long front line and two waves of pre-sales and sales, and the final payment and purchase time were more scattered.

points platform:

Tmall platform: 1st 0:00 - 24:00 on the 11th, the 2020 Tmall Double 11 global carnival season transaction volume exceeded 498.2 billion yuan, the total logistics order volume was 2.321 billion orders, and the peak order creation was 583,000 transactions per second. According to official Tmall data, the 2020 Tmall Double 11 global carnival season attracted more than 800 million consumers, 250,000 brands and 5 million merchants to participate, making it the most extensive and most involved session. As of 0:35 on the 11th, the transaction volume of 342 brands exceeded 100 million yuan. At the same time, overseas brands ushered in explosive growth. From 0:00 on November 1 to 24:00 on November 1, the transaction volume of Tmall International imported goods increased by 47.3% year-on-year, of which 180 overseas brands had a transaction volume of over 10 million.

JD platform: From 0:00 on the 1st to 24:00 on the 11th, the cumulative transaction volume of JD.com's 11.11 Global Love Season exceeded 271.5 billion yuan, a year-on-year increase of 32.8%. JD big data shows that brands such as Haier , Midea, and Gree have sold more than 100 million yuan in one minute, Huawei mobile phone Mate40 series in 7 seconds, and computer sales exceeded 100,000 units in 3 minutes. Within 5 minutes, JD Supermarket’s transaction volume increased by 10 times year-on-year, JD Fresh Food transaction volume increased by 5 times year-on-year, and millions of users poured into 3 minutes. On this Double Eleven, JD.com's logistics performance advantages continue to maintain, with 93% of self-operated orders delivered 24 hours a day.

11 November 1st from 0:00 to 24:00 on the 11th, Suning.com's online order volume increased by 75% year-on-year. 11 19 minutes after the full opening of 0:00 on 11, the GMV of Suning's full-scene ecological channel (including Suning.com, Suning.com Tmall flagship store, Suning.com Super Buyer Live Room, Suning.com Store Broadcast) exceeded 5 billion yuan. According to Suning.com’s 1-hour battle report on Double Eleven, smart home improvement sales increased by 608% year-on-year, big-name beauty orders increased by 470% year-on-year, sportswear orders increased by 350% year-on-year, and gold jewelry orders increased by 260% year-on-year. Suning.com Double Ten Live Carnival's total GMV exceeded 800 million yuan, and the live viewing volume exceeded 120 million.

Douyin Pet Fan Festival payment volume exceeded 18.7 billion yuan, and more than 400,000 new iPhone phones were sold on the Pinduoduo platform. From 0:00 on October 30 to 24:00 on November 11, the transaction volume of the Douyin Fan Festival exceeded 18.7 billion yuan, and the transaction volume on November 11 exceeded 2 billion yuan.

Although Pinduoduo still did not announce the transaction volume data during the 2020 "Double Eleven", Pinduoduo was still popular among consumers during the Double Eleven period. According to the Daily Economic News, from November 1 to 11, more than 400,000 new iPhone phones were sold on the Pinduoduo platform.

In short, with the huge changes in the pre-sale and promotion rules of this Double Eleven Day Cat platform, we can no longer know the Double Eleven GMV data that is comparable in business sense. Judging from the overall growth rate during the Double Eleven period, as well as the core indicators such as the number of brands, parcels, and fulfillment capabilities of the "billion yuan club", the overall growth of Double Eleven is still showing a relatively fast growth trend. The e-commerce track, especially Taobao e-commerce, is still very vibrant.

2. The substantial form of Double Eleven: from "pulling growth" to "gathering sales"

We believe that in recent years, the substantial form of "gathering growth" has gradually changed from "pivoting growth" to "gathering sales". " drives growth" refers to the fact that traditional offline consumers are attracted by the huge discounts on Double Eleven. During the big promotion period, offline consumers are transferred to the online shopping and gradually develop the habit of online shopping; while "gathering sales" refers to online consumers pushing their consumption time forward or postponing to Double Eleven to enjoy discounts. "Buy again on Double Eleven" and "Store more things on Double Eleven" are both "gathering sales".

The transformation of the substantial form of the "Double Eleven" promotion is mainly reflected in: ① The growth rate of the Double Eleven GMV is becoming increasingly close to the annual GMV growth rate; ② The time range of the promotion is getting longer and longer, and the rules are becoming more and more complex. Take the Tmall platform as an example:

2.1. The growth rate of Tmall Double Eleven GMV is getting closer to the platform's annual GMV growth rate

From the comparison of Alibaba's Double 11 GMV growth rate and the annual GMV growth rate, the additional pulling effect of Double 11 on the annual GMV has weakened, which is essentially concentrating consumption at the end of the year to the Double Eleven major promotion.

Before 2014, the driving growth effect of Double Eleven was reflected in the growth rate of Tmall Double Eleven's GMV was significantly higher than the overall growth rate of Tmall platform that year. In 2012 (the annual growth rate corresponds to FY2013), the annual GMV growth rate of Tmall Double Eleven/the whole year was 292.9%/123.9% respectively; in 2013 (the annual growth rate corresponds to FY2014), the growth rate was 165.3%/99.6% respectively. At that time, e-commerce was in a period of rapid expansion, and Double Ten was a relatively obvious pulling effect. Many consumers tried online shopping during the big promotion and eventually became senior online shopping users.

2014 After the development of e-commerce gradually matured in the region, the substantial form of Double Eleven changed to "gathering sales". In 2014 (the annual growth rate corresponds to FY2015), the annual GMV growth rate of Tmall Double Eleven/full year was 63.1%/67.7%, respectively. The growth rate of Tmall Double Eleven was lower than the annual growth rate for the first time. Since 2016, the gap in growth rates between the two has never exceeded 5%. The overall year-on-year growth rate of 20%+ on Double Eleven in 2020 is basically matched by the year-on-year growth rate of 27%/21% of GMV of Tmall FY2021Q1/Q2. Therefore, we believe that the essence of Double 11 has become "gathered sales", and to a certain extent, the sales at the end of the year will be concentrated until the Double 11 promotion period.

2.2. In recent years, the "strength" time of Double Eleven has become longer to achieve the goal of "gathering sales"

After the growth rate of Double Eleven in 2014 approached the annual growth rate, Tmall began to extend the radiation time of Double Eleven to achieve the purpose of gathering sales. On the one hand, is the preheating and pre-sale time is advanced, and on the other hand, the preheating and pre-sale efforts are increased.

020 Tmall Double Eleven starts two rounds of pre-sales: the first round is 10-21 to 10-31, the first round ends from 11-01 to 11-03, and the first wave of big promotions begins; the second round of pre-sales are 11-04 to 11-10, and the second round of big promotions begins on the same day is 11-04 to 11-10, and the second round of big promotions begins. Under the new rules of the two rounds of major promotions, pre-sales at the end of October can be more fully utilized, and the products participating in pre-sales and the strength of pre-sales have increased, which is reflected in the significant growth in pre-sales. The increase in pre-sale efforts can better achieve the effect of "gathering sales".

Historically, Double 11 originated from the online promotion event held by Taobao Mall (formerly Tmall) in 2009. It was originally an online promotion event conducted by Taobao Mall to increase its popularity. We believe that there are two reasons why Alibaba chose the shopping street on November 11. One is that this day is the topic attributes of "Single's Day" and is very popular among young people; the other is that it is between the National Day Golden Week and the Christmas promotion season, but the weather is getting colder, and there is a window to buy winter clothes. On Double 11 in 2009, only 27 brands participated, with a GMV of 52 million yuan. In the early stage of the launch of Double Eleven, the range of categories and brands continued to increase to play a role in "stimulating growth"; after that, time continued to advance, and the pre-sale and preheating efforts increased, marking the transformation of the form to "gathering sales". From 2009 to 14, the focus of the Double Eleven activities was mainly on "hiring new products". The annual activity intensity continued to increase, and the categories and regions participating in the activities continued to increase; the pre-sale time began to be significantly advanced to the end of October. After that, the gameplay of Double Eleven became more complicated, with the purpose of finding underutilized traffic through social software fission after the traffic dividend was exhausted, and increasing the time users stay in the APP. In 2020, JD.com and Taobao launched two rounds of Double Eleven pre-sales and major promotions, which will more effectively gather consumption around November and enhance the "aggregation" effect.

Therefore, compared with Double Eleven rankings, we should pay more attention to brand sales. Under the essence of "gathering sales", it means that the sales volume of Double Eleven is more derived from the gathering of sales around November. The core purpose of the brand choosing to increase sales on Double Eleven is to "sell traffic" to increase brand awareness and promote activity, rather than "selling goods to make money." Therefore, we should pay more attention to the brand's usual sales, because this can better represent profitability; of course, brands with the highest sales rankings in Double Eleven are also worth paying attention, because these brands have indeed attracted more consumers' attention during Double Eleven.

3. How to play: Tmall starts two rounds of pre-sales, Pinduoduo maintains no routine features

Tmall and JD.com both start two rounds of pre-sales in 2020, alleviating logistics pressure while helping consumption growth after the epidemic. JD Double Eleven started from October 21 and lasted until November 11. There are two waves of pre-sales, with a total of 22 days paying the final payment on November 1 and November 11 respectively. Tmall and JD are the same as the rhythm. In addition to November 11, the final payment period also includes November 1-3. Pinduoduo maintains the "no routine" feature and does not perform pre-sales. Specifically: the total payment period for

Tmall Double Eleven is 4 days. Tmall is divided into two pre-sales. The first wave of pre-sales is from October 21 to October 31, with the payment period from November 1 to November 3; the second wave of pre-sales is from November 4 to November 10, with the payment period from November 11.

JD time division is more detailed. 1 October 21 to October 31 are the warm-up period, November 1 to 8 are the special session (including the good start from the 1st to the 3rd and the category period from the 4th to the 8th), the climax period from the 9th to the 11th, and the renewal period from the 12th to the 13th. Overall, October 21st to 31st is the pre-sale period, during which consumers can pay a deposit to purchase more, and can also enjoy additional benefits of instant deposit reduction and new products. From November 1 to 11, JD.com will launch the "No. 1 Beijing Post" across stores and all categories.

Pinduoduo Double 11 event will last from October 21 to November 14, and will last the longest among the three major e-commerce platforms. is different from Tmall and JD.com Double Eleven. Pinduoduo will not perform pre-sales in 2020, and will not be scheduled in a schedule, striving to enable consumers to purchase the required products at a discounted price every day.

3.1. Tmall: The number of cat raising games exceeds 500 million. Pre-sales, red envelopes, and easter eggs are multi-played.

Tmall Double Eleven discounts mainly include super red envelopes , opening easter eggs, cross-store discounts, cat raising points of 2 billion red envelopes, consumption coupons (official subsidy category coupons & 50% off coupons for shops), etc. These activity discounts can be superimposed. The entrance to the

super red envelope is in the main venue and can be received three times a day. The scope of use of includes physical products on Tmall and Taobao platforms. Red envelopes can be accumulated (that is, multiple red envelopes can be used at one time) and can be superimposed with other discounts. After receiving three super red envelopes, you can open "Share and open treasure chest" and "Everyday to open easter eggs". Sharing and opening treasure chest is a fission gameplay. Share it to (communities, circles, etc.) through Taobao order to bring friends, and get another chance to open red envelopes.

"Everyday Open Easter Eggs" is the first gameplay launched in 2020. The event was launched on October 23. After receiving the super red envelope, you can choose to enter the Eggs Award Pool of Eggs. users do tasks on the Easter Egg Open page every day. For each task completed, they will be rewarded with 1 lucky easter egg, and each easter egg can be drawn once. From October 23 to November 11, the prize pool and easter eggs accumulated by the easter egg activities will be drawn at 08:00 the next morning (the prize pool and easter eggs on November 11 will be drawn at 22:00 the evening on November 11). Prizes include general shopping red envelopes, Tmall International physical product coupons, and Taobao gift red envelopes. Among them, general shopping red envelopes should be used on November 11 and will be invalid after the deadline.

cross-store discounts, unlike previous years, the shopping allowance in 2020 can be automatically reduced as long as the shopping amount reaches the threshold, and there is no need to collect it manually. The specific discount levels of include 40 off for purchases over 300, 25 off for purchases over 200, 50 off for purchases over 1000, etc., and are not capped; it supports cross-store and cross-category use; it can be superimposed with other coupons. Cross-store discounts are provided by merchants, and Taobao platform stores can also participate. In terms of interactive games, from building a building in 2019 to raising a cat in 2020, the gameplay continues to change. users can personally do tasks (check in, browse the venue, etc.) to receive the cat coins and upgrade the cat, or they can form teams to PK. The red envelopes obtained by users can be directly deducted when shopping. The individual cat reaches the maximum level (level 51), and has the opportunity to participate in the "Wish Award" lottery event on Double 11 and grab red envelope rewards. Team PK stimulates users' desire to share through the "popularity" task and achieves a strong fission effect. In addition, users will spend a lot of time browsing various pages when collecting Meow Coins to increase platform stickiness.

Tmall consumption coupons are mainly divided into two categories: official subsidy category coupons & 50% off daily store coupons. official subsidies are mainly discounted coupons in categories, covering clothing department stores, Tmall supermarkets, , home building materials, etc. The 50% off coupon is a discount coupon for the store, mainly including two types: sharing and getting a large coupon and 1 yuan to grab a hundred yuan coupon.

3.2. JD.com: The "Double 10 Billion Plan" creates a special session for low-priced good products

JD.com Double 11" has been upgraded from the "Global Good Product Festival" to the "JD.com Love Season", creating the largest discount in history 11.11. through "10 big moves" such as pre-sale, number one Beijing post, double 10 Billion Plan, live broadcast, interactive gameplay, etc., it builds three main venues: "low-priced good products", "simple and happy", and "buy with confidence".

JD Double 11 in 2020 is divided into four stages: ①October 21 to October 31 is the warm-up period; ②November 1 to 8 is a special session (including a good start from the 1st to the 3rd and a category period from the 4th to the 8th). Category day has always been the feature of JD Double 11; ③November 9th to the 1st and 11th is the climax period; ④November 12th to the 13th is the renewal period.

JD Double 11 The distribution and use of Jingxiang red envelopes is similar to that of Tmall platform. JD Double 11 Beijing Enjoy Red Packet was officially opened at 18:00 on October 29, 3 times a day, with a maximum of 1,111 yuan. Jingxiang Red Packet is a cash red packet (not withdrawal) that is only available for shopping on JD.com. It has no threshold, can be used in all categories, and all platforms. It can be used in superimposed with any discount (such as Dongquan, Jingquan, Jingdou , etc.), and the red packet itself can also be used superimposedly. After receiving the red envelope, you can invite friends to participate in the "Grab Red Envelopes and Gather Firepower" activity, and share tens of millions of red envelopes with friends, which are divided into 2 stages. When the firepower value reaches 50 or 100 points, you can get 2 11 yuan red envelopes, totaling 22 yuan. In addition, the three-day red envelope prize pool was increased on November 1, November 6 and November 11, and the amount of red envelopes won was significantly increased and the probability of winning increased.

JD.com launched the "Double 10 billion plan" composed of super 10 billion subsidies and super 10 billion consumption coupons in 2020 to create new highlights. In addition to providing product subsidies to users, will also provide local government consumption coupons and various coupons in 2020.

① The super 10 billion subsidy covers multiple categories such as home appliances, computers and digital, JD supermarkets, fresh food, fashionable home, health, and life services, and includes JD International launching more than 500,000 imported goods from more than 100 countries and regions.

②Super savings of 10 billion yuan in consumption coupons are widely sourced, powerful, and diverse, and there are many new ways to play, including card collection and god coupons, 1 yuan grabbing super value coupon packages. Including JD.com’s subsidized hot product coupons, full-category discount coupons, 50% off coupons and other magic coupons, as well as consumption coupons launched in cooperation with local governments, the activity lasts for 14 days from October 29 to November 11, starting at 10 o’clock every day.

JD.com's full discount activity is divided into two levels, each 300 reduces 40, and every 1000 reduces 60. From November 1 to 11th, JD.com will distribute two "No. 1 Beijing Posts" every day, covering all categories of the platform and can be used across stores.

JD Big Winner Games attract traffic, benchmarking Tmall to raise cats. 1htmlFrom October 25th to November 11th, users can log in to the JD APP to search for "Big Winner" and enter the game. There are two ways to play JD.com’s national business game. One is to open a store. By selling goods, doing tasks, etc., you can get gold coins, unlock different city stores, and you can get random red envelopes when opening the 10th, 18th, and 26th city stores. The second is to form a team to join the business district. If you win, you can get red envelopes, including two stages: the melon-selling battle that starts at 9 a.m. and the red envelope battle that starts at 8 p.m.

3.3. Pinduoduo: No routine, no deposit, direct low price, no limit on subsidies

Pinduoduo continues the "no routine" gameplay in 2020, no red envelopes, full discount activities, direct low price, and tens of billions of subsidies continue to increase. Compared with the complex gameplay of on the two platforms of Tmall and JD, Pinduoduo only sets up a Double 11 promotion zone on the homepage of the APP. After entering the zone, you can see the Double 11 theme highlighted in gold-plated fonts with "no routines, no need to wait for no deposit".

"No routine, no fear of comparison" refers to Pinduoduo's promotional activities such as red envelopes and full discounts on Double Eleven in 2020. Consumers can directly see the best price on the product page, and at the same time, many popular products are the lowest prices on the entire network. "No deposit, no need to wait" means that the platform does not conduct pre-sales or schedules, and consumers can buy their favorite products at any time at a discounted price.

Pinduoduo's "10 billion subsidies" continue to increase, increasing subsidies in the fields of mobile phones, home appliances, digital, beauty and other fields, and providing unlimited consumption subsidies for more than 20,000 products of nearly 200 brands. In the fields of mobile phones, home appliances, digital, beauty, maternal and infant, the platform's subsidy for some products will be increased from 10%-20% of the sales price to 50%-60%.

"10 billion subsidy" products cover all types of hot products on the entire network, reaching well-known domestic and foreign brands in depth. 2020 Double 11 Pinduoduo continues to work with first-tier brands to bring the most popular and most demanding products on the market to the platform's 483 million consumers, creating a "must-buy list". The big brands subsidized by the platform include digital brands such as Apple, , Xiaomi, , etc., beauty brands such as L'Oreal, Essay Lauder, Lancome, sports and home appliance brands such as Adidas and Midea, as well as Pampers, Wuliangye, etc.

In addition, Pinduoduo and China National Insurance Property Insurance (PICC) have launched customized authentic insurance, and allows consumers to enjoy the authentic and quality assurance provided by merchants. If a consumer purchases a fake product, he can claim that one fake product will pay ten yuan.

Pinduoduo coupons directly correspond to the designated products, which are mainly divided into two levels: 20 yuan coupons and 50 yuan coupons. Both have no thresholds. Most products can only be purchased for only 1 yuan after discounts. According to the Pinduoduo APP, these two types of discount coupons correspond to exclusive products. After receiving the coupon, you can directly purchase it on the corresponding product page. Although it cannot be used for other products, the discount is relatively high. Most products can only be purchased for 1 yuan after using the coupon.

In addition, Pinduoduo has also set up limited-time flash sale, "Ten Thousand People Group" and other activities. The "Ten Thousand People Group" event launches nearly 10 selected products every day, including Apple iPhone 11, SK-II Shenxian Water, Estee Lauder Small Brown Bottle, Philips HX9 Series high-end electric toothbrush, Nintendo new Switch and other popular products.

4. Price comparison: There are a slight substantial discount, but there are also phenomena such as out of stock

Generally, the prices on 11.1 and 11.11 are similar on the day, and the pre-sale prices of the two rounds are almost the same, but the pre-sale prices are cheaper than the spot direct sales price on Double Eleven on the day of Double Eleven, about 3%-10%. All major platforms have substantial concessions overall. Pinduoduo's most convenient is , and JD.com (except 3C) is slightly more expensive than Tmall. Due to the increasing number of rounds of big promotions, some hot-selling products are occasionally out of stock, but we have also noticed that during the big promotions, brands have also replenished these explosive products many times to ensure supply.

Different categories and brands will show different concessions. For example, in terms of cosmetics, domestic brands will avoid direct price comparison through various methods, such as different cosmetics platforms launch different sets; while foreign big brands are more direct in promotion, generally direct price reduction or direct sample delivery.

Specifically:

Electronic products are the focus of subsidies, and the routine is simple and directly discounted. takes Airpods2 (wired charging box version) as an example: the price after the official subsidy of Pinduoduo is 859 yuan; the price after the JD self-operated coupon is 899 yuan; the price after the official subsidy of Suning.com is 988 yuan; the price for the Tmall supermarket is 1,028 yuan. The wholesale price of traditional channels is around 900 yuan (depending on the region and time), and the official price of Apple is currently 1,246 yuan. The 618 price tag of Suning and Tmall is between the wholesale price and the official price, while Pinduoduo and JD directly fall below the wholesale price. Therefore, Pinduoduo and JD.com have strict algorithms to prevent retailers from purchasing goods from the platform. If they find that customers have suspicious behavior, they may directly "cut orders".

The discount method for foreign big-name skin care products is relatively direct. takes L'Oreal Black Essence as an example. The gifts for the same specification (50ml) on Tmall, JD.com, Suning, and Pinduoduo platforms are all the same sample, and the number of gifts is basically the same, making it easy to compare prices. The price of Double Eleven is 70% off on the basis of the counter price. Pinduoduo is the cheapest, while Tmall and JD prices are slightly higher. Compared with domestic skin care products, the discount method for foreign big-name skin care products is more direct.

domestic skin care products discounts are complicated. By promoting different sets and combinations on each platform, direct price comparison is avoided, and some products are only sold on designated platforms. takes Praya double anti-night light eye cream as an example. Praya Tmall flagship store offers 20ml of the same eye cream sample and dolphin massager, and JD’s self-operated flagship store offers masks, eye masks, and headbands. The value of these gifts is not even lower than the original, so the product you get is essentially a different "set". Each platform creates different "suits" by giving away different gifts.This model prevents consumers from finding anchor prices, thus avoiding direct price competition.

pre-sale price is lower than the spot direct sales price on Double Eleven. takes the L-code face wash towel of Quanmang Era as an example. The pre-sale price of the first and second waves is 364 yuan/36 bags, and the spot price on Double Eleven was 375 yuan/36 bags. Other products also show similar characteristics, with pre-sale prices around 3%-10% cheaper than the spot direct sales price on Double Eleven.

5. Brand side idea: Attitude/strategy towards Double Eleven may be changing

scale is one of the most important indicators of the brand, which represents the degree of consumer recognition. 2020 Tmall's "Double Eleven 1 billion club" has 13 members, including Apple, Huawei, Midea, Haier, etc. At present, Tmall has not disclosed the specific members of the "Double Eleven 1 billion club", and looking back at 2019, only 7 Chinese brands entered the "Double Eleven 1 billion club". They are mobile digital brands Xiaomi, Huawei, Honor ; home appliance brands Haier, Midea, Gree, and clothing/daily goods brands Antarctic people. Due to the relatively stable camp of leading brands, these brands are expected to continue to maintain their status as "Double Eleven 1 billion club" this year.

2020 Double Eleven The giants in the fields of mobile phones, jewelry, women's clothing, and home appliances have a stable position; the ranking of the TOP5 foods has changed significantly. Overall, the TOP5 members of each category have not changed much, while many new brands have appeared in the TOP6-10. Strength: Strong and high-value leading brands basically maintained the leading level of Double Eleven sales in previous years and enjoyed a large market share.

According to statistics from the world online merchants, in terms of beauty products, Estee Lauder and Whoo's activities are more intense than in previous years. They have achieved ultra-low discounts to attract consumer traffic through super-value gift samples, live broadcast rooms, etc., and their rankings have been greatly improved. In terms of clothing, Uniqlo and Bosideng continued to hold first and second place. In terms of food, Mengniu Yili squeezed into the top 5, mainly because of the strong promotion. Mengniu rose to the third place on the food list with Telunsu's sales exceeding 100 million, daily fresh language growth of 12 times, and real fruit grain sales of tens of millions. At the same time, according to Xingtu data, Yili won the online dairy sales championship with Jindian Milk, Anmuxi New Sugar Products, and Women's High-speed Railway High Calcium Milk Powder on Double Eleven, with sales increasing by 100% year-on-year.

Domestic beauty products focus more on marketing efficiency, shifting to flat sales, and the ranking of Double Eleven declined slightly. According to statistics from Jieshu Consulting, a total of six domestic brands were shortlisted for the Tmall Double Eleven beauty category sales TOP30. Winona 's sales during Tmall Double Eleven period exceeded 700 million yuan, ranking ninth among beauty brands, and became the only domestic brand among the top 10. Perfect Diary received a GMV of 602 million yuan at an average customer price of no more than 100 yuan, ranking thirteenth among beauty brands. Huaxizi, Nature Tang, Perchoa and HomeFacialPro ranked 15/20/26/30 with RMB 519 million/371 million/295 million/264 million respectively. Compared with the Double Eleven beauty rankings counted by business consulting in 2019, the domestic beauty brands ranked lower in 2020. Regardless of the differences in statistical methods and caliber, we believe that this data reflects the general trend of domestic beauty and beauty paying more attention to marketing efficiency and ROI, and gradually shifting its focus to flat sales.

Double Eleven rankings represent the brand image to a certain extent, but the brand's attitude/strategy towards the future of Double Eleven may continue to provide feedback and adjustments. During the Double Eleven event, the brand may fall into a situation where "making fame but not profit". The ranking of Double Eleven represents the brand's "image" to a certain extent, but how to rank and whether corresponding benefits can be obtained is worthy of continuous consideration. In the future, brands need to continue to balance the two things of "selling goods" and "marketing brands" in big promotions like Double Eleven. As for the attitudes and strategies of Double Eleven, there may be continuous feedback and adjustments in the future.

6. Investment advice

020 Double Eleven in 2020 Due to the significant changes in the rules and data caliber of Tmall platform, the existing public data is not very comparable at the operating level. For merchants, Double 11 sales have always brought great pressure.Given that the substantial form of Double Eleven has gradually changed from "pulling growth" to "gathering sales", in the future, we should not pay too much attention to the peak data of "concentrated marketing" such as Double Eleven, but more on the ability to sell flat. Considering that the members of "head clubs" in various categories are relatively stable and have outstanding brand awareness, brands with large enough scale on Double Eleven still have certain reference significance.

suggests attention: e-commerce platform Alibaba , e-commerce brand company Antarctic e-commerce; the leading clothing brand Bosideng; the leading domestic beauty and cosmetics brands Perchoa, Huaxi Biology, etc.

…

(The report’s views belong to the original author and are for reference only. Report source: Soochow Securities)

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