E-commerce Morning Brief for November 11: Pop Mart Q3 Revenue Drops 45%; EU Scraps IOSS ?150 Threshold

Item 1: JD Logistics' "Jingchongda" Expands to Over 60 Cities Nationwide. JD Logistics' pet-specific delivery service "Jingchongda" announced yesterday that it has expanded to over 60 cities nationwide, adding Shijiazhuang, Qinhuangdao, Kaifeng, Xianyang, Xuchang and other cities, achieving full coverage in the Beijing-Tianjin-Hebei region. All covered cities offer next-day delivery after placing an order. Since its launch five months ago, Jingchongda has completed multiple rounds of expansion, continuously densifying its service network amid the pet consumption surge during Double 11.

Item 2: Dewu Double 11 Warm Apparel Orders Double Month-on-Month. Dewu disclosed its Double 11 data yesterday: a sharp cold snap collided with the shopping festival, triggering a concentrated burst of autumn-winter renewal. Orders for down jackets, cotton-padded jackets and thermal sets doubled week-on-week, while accessories such as hats, scarves and gloves were in strong demand across the board. "The first box of chocolates of winter" rose over 400% month-on-month. This round of business was mainly driven by young consumers, with Gen Z (post-2000) accounting for over 50% of orders and average order value up 12% year-on-year.

Item 3: Taobao Flash Sale Draws Over 500,000 Merchants for This Year's Double 11. Taobao Flash Sale disclosed yesterday that over 500,000 retail brand merchants participated in this year's Double 11 campaign. Over the Lidong weekend (November 7-8), 935 retail brands doubled their transaction volumes compared with before Tmall Double 11 kicked off, while categories such as fresh and prepared foods, maternal and baby products, home appliances and household daily necessities grew over 70% year-on-year. Instant retail saw a mini-peak driven by the cold snap and Double 11.

Item 4: Pop Mart Q3 Revenue Falls 45%-50% Year-on-Year. Financial data disclosed by Pop Mart recently shows that revenue in the third quarter of 2026 fell 45%-50% year-on-year, with the Asia-Pacific region down 65%-70% and the Americas down 70%-75%. Behind the LABUBU pullback, the randomness of hit products and the valuation logic are being restructured, and whether theme parks, films and games can support a second growth curve has become a market focus.

Item 5: JD Tests Standalone Short Drama Product Focused on E-commerce Conversion. JD was reported yesterday to be beta-testing a standalone short drama product called "JD Drama Benefits Club," which adopts a free model and supports earning benefits and coupons by watching dramas, with products featured in the dramas directly purchasable and shipped by JD. Unlike Douyin and Kuaishou, which monetize through advertising or paid unlocking, JD's short dramas focus more on driving traffic with free content and converting drama viewers into platform shoppers.

Item 6: 9th CIIE Closes with $85.45 Billion in Intentional Deals. The 9th China International Import Expo closed in Shanghai yesterday (November 10). Over the six-day event, 4,142 companies exhibited, total exhibition area exceeded 440,000 square meters for the first time, over 300 Fortune Global 500 companies and industry leaders participated, and 485 representative exhibits including global debuts were showcased. The intended transaction value calculated on an annual basis reached $85.45 billion, up 2.3% from the previous edition, with all five core metrics hitting record highs.

Item 7: Amazon's Low-Price Section Amazon Haul Launches Holiday Promotion. Amazon's low-price shopping section Amazon Haul launched a six-day holiday promotion yesterday, offering $1 limited-time deals through November 14 and $0.11 special-priced items available only on November 10 and 11. About two years since launch, the number of products in this section has grown more than 25-fold, now exceeding 10 million items, covering apparel, beauty, home and other categories.

Item 8: EU Agrees to Scrap IOSS ?150 Tax-Free Threshold. The Council of the EU reached an agreement yesterday on new VAT measures for e-commerce imports, extending the Import One-Stop Shop (IOSS) to all goods regardless of value, abolishing the ?150 tax-free threshold, and bringing non-EU online platforms under broader tax collection obligations, effective July 1, 2028. Non-EU platforms will then be required to collect and remit VAT on all goods sold into the EU.

Item 9: US West Coast Port Strike Extended Again to November 20. The Pacific Maritime Association announced yesterday a third extension, extending its contract with ILWU Local 26 to November 20 to continue negotiations. The union represents maritime security and cargo watch positions at the ports of Los Angeles and Long Beach; about 250 workers handle roughly 85% of cargo volume at Long Beach and about 33% at Los Angeles. The two sides have still not reached an agreement, and shippers on the US West Coast route need to factor strike risk into their shipping schedule expectations for late November.

Item 10: PayPal Report: Over 25.4 Million Consumers Cross-Border Shop from Hong Kong Merchants. PayPal Hong Kong released its Global Beat 2026 report yesterday: from July 2025 to June 2026, over 25.4 million consumers from 100 markets worldwide cross-border shopped from Hong Kong merchants via PayPal, with monthly cross-border transaction value exceeding $409 million (about HK$3.21 billion). The US, Germany and the UK were the top three markets, and about 75%-80% of Hong Kong merchants are mainland Chinese companies incorporated in Hong Kong.

Item 11: Shenzhen Uncovers Tax Evasion Case Involving Shell Export, Recovers 270 Million Yuan. The Inspection Bureau of the Shenzhen Tax Service, State Taxation Administration, together with Shenzhen Customs and others, yesterday uncovered a tax evasion case involving exports under borrowed shell companies. The real cargo owners obtained orders for ferrochrome and other energy-intensive, high-emission goods, and through collusion with unscrupulous freight forwarders, declared exports under the names of 10 shell companies without declaring and paying VAT and other taxes on the export link. The inspection bureau recovered a total of 270 million yuan in taxes.

Item 12: eBay Korea Q3 Card Sales More Than Triple. eBay recently analyzed sales data from Korean sellers in the third quarter of 2026 and found that trading card revenue grew more than threefold year-on-year, the highest growth among all surveyed categories, with Pokémon cards and T1 team cards performing notably; tools and equipment ranked as the third-largest growth category. Interest-driven consumption such as cards continues to heat up in the Korean e-commerce market.

That's all for today's morning brief. For more e-commerce knowledge and content, stay tuned to Ebrun Audio News.

This article was first published on the official Ebrun website.