On November 13, brand-sale e-commerce Vipshop (vip.com, NYSE: VIPS) disclosed its unaudited financial report for the third quarter of 2020. According to financial report data, Vipshop’s third-quarter net revenue reached 23.2 billion yuan (approximately US$3.4 billion), a year-on-year increase of 18.2%, GMV exceeded 38.3 billion yuan, and more than 43.4 million active users, a year-on-year increase of 36%.
Vipshop Chairman and CEO Shen Ya said: "In the third quarter of 2020, we have achieved strong financial and operational performance. In this quarter, our number of active users increased by 36% year-on-year, from 32 million in the same period last year. Increased to 43.4 million. Compared with the same period last year, the retention rate of our new and existing customers has increased. We are very happy that users can recognize the value of differentiated products provided by the platform, especially in the core category of apparel and wear . We are confident that the current positive momentum in new customer acquisition and user retention will continue to drive our growth and profitability. Looking to the future, we will continue to be committed to creating value for users, providing excellent user experience and deep discounts. In order to further expand its market share in China’s discount retail sector.” Z1z
Vipshop introduced that in September this year, Vipshop upgraded slogan to “brand sale, which means value,” and continues its core proposition of “brand sale "On this basis, further highlight the concept of "extra value" and expand the target customer group to a wider range of gender and age groups. At the same time, in addition to the discount and good goods of apparel and apparel, we will expand and enrich the daily categories of electronic products, home life, etc., and strive to create a popular and cost-effective brand sale platform to further satisfy the broad spectrum of people’s "good brand, good quality, and cost-effective" Commodity pursuit.
[Reporter] Ye Dan
[Author] Ye Dan
[Source] Southern Press Media Group Southern + Client
