Big Changes to World's Largest Shopping Festival Unveiled
Taobao Marketplace and Tmall kicked off the 2024 11.11 Global Shopping Festival earlier this week, offering RMB30 billion (around $4.2 billion) in consumer benefits, including vouchers, red packets, and discounts.
The event, starting with presales on October 14, is attempting to boost consumer confidence and drive high-quality growth for both users and merchants.
For consumers, highlights include:
💲RMB30 billion in spending incentives
💲Up to RMB1,500 daily red packets on Taobao Live
💲Discounts of up to 80% under the RMB10 billion subsidy program
💲Exclusive 88VIP member benefits, such as high-value coupons, interest-free installments, and premium return services
For merchants, the new Singles Day stimulus package offers:
💲RMB10 billion investment in cross-platform traffic
💲RMB3 billion to subsidize marketing costs
💲Waived commissions for Taobao store owners
💲Reduced return logistics costs
💲Upgraded AI tools for image and text generation, helping merchants save on design costs
Let's see what these changes mean for merchants and consumers as this year's event continues to unfold.
What do you think of these updates?
#China #Ecommerce #SinglesDay #Retail
Field Marketing & ABM Manager at Deepki | ESG | Data | Growth Hacker
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