Temu's Single Day GMV Reached 80 Million US dollars, Li Jiaqi Sold 9.5 Billion on Double 11 | E-commerce Major Events

[Ebrun Original] Simba: In the competition of platforms, Li Jiaqi has become a sacrifice; Temu's single day GMV reached 80 million US dollars; Li Jiaqi sold 9.5 billion on Double Eleven; Xiao Yang responds to e-commerce squeezing traditional economy.

Big Corporations · Major Events

ByteDance

ByteDance Responds to PICO Shutdown Rumors: The news is not true, the company will continue to invest in XR business for the long term

It was reported that ByteDance would gradually abandon the PICO business. The person in charge of ByteDance responded that this news is not true, and that PICO is operating normally. The company will continue to invest in XR business for the long term. Earlier this month, according to internal sources, PICO's vice president Ren Lifeng was said to be close to leaving ByteDance. Currently, Ren Lifeng's name can still be found in ByteDance's intranet. However, his status on Feishu is marked as "on leave," with a start date from July 10, 2023 to December 29, 2023—this is also the last working day of 2023. The duration of the leave is close to half a year. An informed source said that Ren Lifeng is seeking external investment for a new project.

Kuaishou

Kuaishou is Testing "AI Xiaokuai" to Achieve Smart Replies with the Help of Large-scale Model

Kuaishou is officially testing the "AI Xiaokuai" account, providing users in the short video comments section with a variety of AIGC services based on short video application scenarios, including interactive Q&A, image generation, strategy retrieval, and copy modification. It is reported that "AI Xiaokuai" uses Kuaishou's independently-developed large-scale language model, Kuaiyi, from scratch. Since the beginning of this year, Kuaishou has been active in the AIGC field. This is also the first personalized application of Kuaishou in the comments area. (Financial Review)

Tencent

Tencent Releases Rules for the Withdrawal of Video Number Flagship Stores: Those with low ratings will be withdrawn

Tencent has officially released the withdrawal rules for the video number flagship stores. The rules state that the system and platform will verify the business status of the merchants daily. When the rating of the merchant's video store is less than 4.2, and there are more than 5 dispute orders in the store in the past 30 days, with a dispute rate of more than 1.2%, the system will issue a warning to the merchant. When the rating of the video number flagship store/official flagship store is less than 4.1, and there are more than 5 dispute orders in the store in the past 30 days, with a dispute rate of more than 1.5%, the store will be demoted to an enterprise store.

Pinduoduo

Pinduoduo's Temu Quarterly GMV Increases to $5 Billion, or Exceeds Annual Target

It is reported that Temu's sales in the third quarter of this year have exceeded $5 billion. On the first anniversary of its launch in September, the single day GMV was as high as $80 million. In the first half of this year, Temu's GMV was close to $3 billion, which means that in just September alone, Temu's sales were about the same as in the first half of the year.

With the promotion of "Black Friday" and Christmas, Temu may exceed its annual GMV target of $15 billion. According to Zhong Jin's prediction, this number could reach $18 billion, equivalent to 60% of SHEIN's GMV in 2022. (36Kr Future Consumption)

Double Eleven · Shopping Season

Li Jiaqi Sold 9.5 Billion on the First Day of Double Eleven

It is reported that Li Jiaqi's first "Double Eleven" presale live broadcast officially began on the 25th. His live broadcast room had about 400 products on the shelves, with prices ranging from tens of yuan to tens of thousands of yuan. According to preliminary statistics of the prices and sales data of each product page, the GMV of this live broadcast reached 95 billion yuan. (E-commerce News)

Tmall Double Eleven Pre-sale's transaction doubled within one hour with over 1300 brands

On October 24th, 2023, Tmall's Double Eleven started its pre-sale. Platform reports showed that within the first hour of pre-sale, the number of brands with transaction volume more than 200% compared to last year exceeded 1300, and the number of brands with transaction volume more than 500% compared to last year was close to 700. Brands such as Pechoin, L'Oreal, Haier, Puma, Lancome, Midea, Guerlain, and Nike have achieved transaction volume of over one billion yuan, and new domestic brands such as Huazhi and Qiechu joined the "one billion club".

Tmall Double Eleven's 100 billion subsidy supports online price comparison, all products are in stock

With only one day left before the countdown to the 2023 Tmall Double Eleven, Taobao has stepped up its "100 billion subsidy," launching a subsidy special session, with a wide range of goods including mobile phones, major beauty products, warm shoes and clothing, and seasonal trendy products. It is understood that all products participating in the Taobao 100 billion subsidy support consumers to compare prices online, and will compensate if the purchase is overpriced. The upgraded Taobao 100 billion subsidy has already been launched, and consumers can view it through the Taobao app homepage or by searching for "100 billion subsidy".

Douyin Store's Double Eleven Festival: Overall GMV is 200% higher than the same period last year

The Douyin Store's Double Eleven Festival achieved a strong start. As of October 23rd, the overall GMV, the number of paying users, and the number of paid orders of the Douyin Store were respectively 200%, 165%, and 195% higher than the same period last year; the number of merchants with good sales performance increased by 68% compared to last year's Double Eleven; and the average daily GMV of products increased by 84% compared to the same period last year.

Jingdong's Double Eleven: The number of users placing orders and the number of completed orders increased by over 4 times in 10 minutes

At 8:00 pm on October 23, 2023, Jingdong's Double Eleven started its sale. Jingdong's data showed that the number of users placing orders and the number of completed orders increased by over 4 times year-on-year in the first 10 minutes, and the sales of hundred billion subsidy products exceeded one billion yuan within 5 minutes. It is understood that the number of hundred billion subsidy products participating in this year's Double Eleven on Jingdong is twice that of 618.

Cainiao intensifies Tmall Double Eleven's logistics supply chain guarantee

During Tmall Double Eleven's major promotion period, merchants using "optimal warehouse delivery" can be assured of end-to-end delivery, with logistics time marked on the door. Consumer electronics merchants can also enjoy a commitment to delivery efficiency. Consumers can now see information on home delivery and logistics time on the product details page and other locations before placing an order.

It is introduced that in mainland China, Cainiao's warehouse and Cainiao Express form a one-stop supply chain service of Cainiao's warehouse delivery, enabling processing of pre-sale parcels to be advanced to express delivery outlets for a larger scale of half-day delivery. Cainiao Express will continue to make home delivery a standard feature, while Cainiao Stations will continue to provide on-demand door-to-door services in core cities nationwide.

Kuaishou Double Eleven's e-commerce and home furnishings industry's single day GMV surpasses 2.2 billion

It is reported that the Kuaishou e-commerce home furnishings industry's GMV surpassed 2.2 billion on October 21, setting a new record for single day GMV in the industry, and categories such as furniture and furnishings, mobile phones, major appliances, and small home appliances have performed outstandingly. Among them, Mousse's single link GMV exceeded 1 billion, Zui Mi's GMV exceeded 130 million, TCL's smart TV GMV exceeded 120 million, Haier, Ji Meng, and Honor's mobile phone GMV exceeded 100 million. (36Kr)

Cross-border · E-commerce

SHEIN Plans to Sell Products Manufactured in Brazil to Various Places in Latin America

SHEIN's Brazil production director Fabiana Magalhaes recently stated that the company plans to start shipping its products produced in Brazil to other markets in Latin America starting in 2026. It is understood that SHEIN began producing clothing in Brazil earlier this year, making it their first production center outside of China. In addition to Brazil, the company began production in Turkey this year and plans to establish a factory in Mexico.

Alibaba International Site to Launch Southeast Asian Pavilion

Alibaba International Site will officially launch the Southeast Asian Pavilion on October 31st, using national operation to assist Chinese sellers in transforming their B2B exports, continuing to increase their presence in the Southeast Asian market. With Indonesia's introduction of new e-commerce regulations creating increased uncertainty in the Southeast Asian e-commerce market, transitioning to B2B exports has become one of the choices for many Chinese cross-border sellers. (Beijing News)

Amazon is Testing Humanoid Robot "Digit" in Warehouses

Amazon has stated that it is testing two new technologies to increase warehouse automation, including an experiment with a humanoid robot. The humanoid robot named "Digit" is a bipedal creature that can crouch, squat, and grasp items with its mimic hands. It was initially used to help employees consolidate emptied handbags. In addition to Digit, Amazon is also testing a technology named "Sequoia," which will help employees identify inventory and classify it into containers, and then employees will select the items ordered by customers.

Stories You Might Care About

Sinbad Talks About Li Jiaqi's Re-emergence in Public Opinion Controversy: Competition Between Platforms, Li Jiaqi Became the Sacrificial Victim of the Double 11 Platforms

On October 25th, a netizen inquired about how to view Li Jiaqi's re-emergence in public opinion controversy. Sinbad stated that Li Jiaqi has become the sacrificial victim of platform competition: "Without Li Jiaqi, you still cannot get this product, and still cannot get it at this price. During Double 11, attacking him, the competition between platforms, everyone has turned Li Jiaqi into a sacrificial victim of competition between several platforms." (Nine Party News)

MeiONE Responds to JD's Procurement Division Calling Out Li Jiaqi

Regarding JD’s procurement division calling out Li Jiaqi and signing a "bottom line agreement" with the brand, MeiONE responded saying: there is no such thing as a "bottom line agreement" and they have never required the brand to do any form of exclusivity. The pricing of products in the live broadcast room is under the control of the brand.

Previously, according to news from Sina Technology, on the morning of October 24th, JD's procurement personnel publicly called out Li Jiaqi for "choosing one out of two." "Now I finally understand why Xiaxizi's prices couldn't be lowered before. Still, we extend our most sincere apologies to the brand." The employee indicated that JD received a lawyer's letter from the brand Haishi, and the brand complained that the price of a certain Haishi oven on JD was lower than the price at which Li Jiaqi sold it during a live broadcast, which violated their "bottom line agreement," and demanded hefty compensation for breach of contract. However, the employee stated that the product is a self-operated product by JD, and the reason for the lower price was because JD carried out subsidies from its own funds. The employee also questioned the head anchor's behavior of "choosing one out of two." As per the lawyer's letter provided by the employee, Haishi expressed that JD had violated the contract several times by directly or indirectly modifying the selling price of Haishi products, which had led to passive breach of contract in their cooperation contracts with other clients, thereby causing the risk of paying substantial compensation. (36Kr, Sina Technology)

Crazy Xiaoge Responds to E-commerce Squeezing Out Traditional Economy

Responding to the online spread of the opinion that the rise of e-commerce has led to the closure of physical stores and the decline of the traditional economy, on October 23rd, Xiaoge responded in the live broadcast room, stating that the traditional economy will not decline. Xiaoge stated that if there was no e-commerce today, how expensive would it be to buy things offline? If people buy things offline and find that online items are better, then the sellers will change; this also makes the offline market better, they complement each other, because if offline businesses improve their services and raise the quality, then people will be willing to buy things from their physical stores. Dayangge also stated that e-commerce is a product of this era, it follows the times, and we must not stand still while the times progress. What we are doing now is not standing still. (Jianshi Finance)

Wanghai Exposes Counterfeit Andes Jade on Li Jiaqi's Live Broadcast

On October 24th, renowned counterfeit exposure figure Wanghai released a video, claiming that the Andes jade sold in the Li Jiaqi live broadcast room is counterfeit. Wanghai stated that consumers who purchased the "Mandarin Duck Golden Tower" Andes jade necklace in Li Jiaqi's live broadcast room received a lab test report identifying it as "calcite-epidote jade necklace," which is not Andes jade. They also pointed out that the authenticity certificate is also fake. When the consumers reported this to the merchant, the "Mandarin Duck Golden Tower" directly transferred 50,000 RMB to the consumer's WeChat, hoping to settle the matter, but the consumer refused to accept it. Currently, the product has been removed from the store. (Banzha Online)

Crazy Xiaoge Denies Leaving the Online Platform

Addressing the online rumors of Crazy Xiaoge leaving the platform, on October 23rd, Xiaoge responded in the live broadcast room, calling it a rumor, and that they have not left the platform. Xiaoge stated, "Even if I don't do it, someone else will. We are still in Hefei, and our dream is to develop e-commerce in Hefei. We are not showing how great we are, but rather providing services to our influencers and hosts, serving the brand, and serving their followers. We service them, and ultimately they serve their fans. We only broadcast once a week and sell thousands (or tens of thousands), and you say we are leaving the platform, that is a rumor." (iBlackHorse)

Xicha Claims to Gradually Disclose Information on Ingredients and Production Materials for all Products on Sale

Xicha announced on Weibo that starting today, they will gradually disclose the ingredient, production material, nutrition contents, and raw material traceability information for all products on sale. Currently, Xicha has already disclosed the ingredient and raw material data for over 40 products through the "Xicha GO" WeChat mini-program. The first batch of products that have completed third-party testing have simultaneously released product nutrition component reports.

Mosha Yogurt Announces Entry into the Hong Kong Market in China

Fresh yogurt brand Mosha Yogurt announced its entry into the Chinese Hong Kong market, with the first store landing in K11 MUSEA, which is currently under construction and expected to open in November this year. Previously, Mosha Yogurt co-founder Gu Hao had stated that the number of stores by the end of the year could reach 1300-1600. (36Kr Future Consumption)

Suning Easy Buy: Will Open 430 New and Renovated Stores During Double 11

Suning Easy Buy launched its Double 11 promotion on the 19th, and during the Double 11 period, Suning Easy Buy plans to open 430 new and renovated stores in various major cities and county markets across the country, in addition to the existing tens of thousands of stores. (E-commerce Report)

Qingdao Beer: All Relevant Malt Has Been Fully Sealed; Company's Production and Business Operation Are All Normal

Qingdao Beer issued an announcement, stating that the company has recently paid attention to the media reports about the third factory of Qingdao Beer. Regarding the related media reports, the company places high importance on it and reported to the public security organs for the first time. The public security organs have intervened in the investigation. The batch of malt has been fully sealed. The company has also issued a statement on Qingdao Beer's official Weibo account explaining the situation. At present, the company's production and business operations are all normal. (36Kr)