The 2024 "618" Grand Promotion has concluded, marking a milestone in China's e-commerce landscape. Notably, the event reached a record-breaking gross merchandise volume (GMV) of 742.8 billion yuan. The role of livestreaming platforms as a traffic booster has been significant.
According to Syntun, the GMV during this year's "618" shopping festival surged to 742.8 billion yuan. This figure includes both traditional and livestreaming e-commerce platforms. Traditional platforms, such as Tmall, contributed a substantial 571.1 billion yuan. Tmall led the pack in this category. Meanwhile, livestreaming e-commerce platforms also saw impressive performance, generating 206.8 billion yuan. Emerging platforms like New Retail and community group buying added another 24.9 billion and 13.9 billion yuan respectively.
This year's promotion was distinct as e-commerce giants—Alibaba, JD, and others—shifted their strategy. They moved away from a pre-sales format, opting for an elongated promotional period. This change aimed to enhance the consumer experience. The platforms have also emphasized a user-centric approach, offering robust support to SMEs and new merchants. Leveraging AI and other productivity tools, they aim to streamline operations and boost business capabilities.
The rise of livestreaming platforms has been a highlight in this year's promotion. Despite not yet matching the scale of traditional e-commerce, their influence is growing rapidly. These platforms have become vital channels for engaging consumers and driving sales. Products like Pet Foods and Personal Hygiene Products & Household Cleanings emerged as popular categories, generating significant sales.
In conclusion, the 2024 "618" Grand Promotion has set new benchmarks in China's e-commerce sector. With a record GMV and a revamped promotional strategy, e-commerce giants are reshaping the shopping landscape. Moreover, the growing impact of livestreaming platforms signals a dynamic future for online retail. These developments underscore the sector's adaptability and innovation.
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