This year’s 11.11 Alibaba Shopping Festival has achieved impressive results, setting new benchmarks in gross merchandise volume (GMV) and witnessing a significant surge in active buyers. Notably, 589 brands surpassed 100 million yuan in sales, representing a 46.5% increase from last year. Prominent brands such as Apple, Nike, Haier, and Xiaomi led the way, while 45 brands exceeded 1 billion yuan in sales.
“Consumer participation in this year’s 11.11 reached an all-time high, reflecting our ongoing efforts to enhance the user experience and establish a quality standard for merchants,” said Bo Liu, Vice President of Alibaba Group and President of Tmall. He highlighted the crucial role of the 88VIP program in driving growth, as well as the enthusiasm of the younger generation, which marked a significant consumer trend and reinforced Alibaba’s commitment to investing in its platform’s development.
Key Highlights and Achievements of the 11.11 Shopping Festival 2024
Brand Growth Fueled by the 88VIP Program:
- The 88VIP program, boasting over 42 million members in China, played a pivotal role in the sales increase during the festival, with a 50% year-on-year rise in orders placed by its members. 88VIP members visit Taobao an average of 25 days a month and spend up to nine times more than non-subscribed users.
Growth in Key Categories and Emerging Consumer Trends
- Traditional categories such as fashion, beauty, and electronics maintained strong performance. As of the early hours of November 11, 66 clothing brands and 79 beauty brands surpassed 100 million yuan in sales, while 34 electronics brands achieved the same milestone.
- Government subsidies and discounts offered on the platforms encouraged purchases of home appliances and furniture, enabling 139 brands to exceed 100 million yuan in sales.
- Demand from millennials and Generation Z drove growth in emerging categories such as designer toys and collectibles, allowing four brands to surpass 100 million yuan in GMV. Sports and outdoor activities also witnessed strong performance, with 34 brands reaching this sales threshold.
Artificial Intelligence as a Tool for Sellers
Artificial intelligence played a vital role, assisting 4 million sellers in increasing efficiency by generating over 100 million images, videos, and marketing text. The AI-powered marketing tool Quanzhantui drove the growth of more than 1.6 million products, showcasing the future of e-commerce driven by technology.