Why does Double 11 new consumption drive the global economy?

Recently, "People's Daily" published consecutive articles praising Tmall, titled "Confidence Index Continues to Rise, Achieving High Growth Rate in the First Ten Months - New Consumption Drives China's Economy" and "Sailing towards a Powerful Network", pointing out that the total retail sales of domestic consumer goods continue to rise, and China's consumer confidence index continues to grow. Tmall's driving role is inseparable. New retail and new consumption are successfully leveraging the Chinese economy and even the global economy.

"Don't want to carry too much stuff home? Now, with the help of Tmall New Retail, shopping malls can now deliver goods to your door. ”

Yesterday, the People's Daily once again published the title "U.S. Agricultural Products Compete for China's E-commerce "High-Speed Rail", reporting that U.S. snake fruit and other agricultural products are sold to China through Tmall, which not only promotes China's consumption upgrade, but also gives U.S. agricultural small and medium-sized enterprises new opportunities.

According to data from the National Bureau of Statistics, from January to October this year, the country's total retail sales of consumer goods reached 29.7 trillion yuan, maintaining a high double-digit growth rate year-on-year. According to the latest report released by Nielsen, a world-renowned performance management company, China's consumer confidence index has grown for four consecutive quarters, setting a new high since the end of 2013; consumption willingness has reached the highest value since 2014.

Coincidentally, the sales of specialized stores and department stores monitored by the Ministry of Commerce increased by 6% and 1.6% year-on-year respectively, and the growth rates accelerated by 3.5 and 0.6 percentage points compared with the same period last year. Even rural consumers who had inconvenient shopping in the past can now easily "buy the world" by taking advantage of the e-commerce express.

According to the People's Daily, this is the result of Tmall New Retail helping traditional businesses realize digital transformation and driving the recovery of physical stores, and promoting the comprehensive upgrade of China's consumer quality.

Previously, Tmall launched a series of innovations including store pickup, store delivery, and online and offline integration, bringing new business opportunities to traditional brands. This year's Double 11, the scale of new retail has been further expanded. Among them, 50,000 stores of 300 apparel brands have connected online and offline with Tmall. The number of store services has increased by 235%, and omni-channel transactions and orders have doubled last year.

Lingzhi Group announced that the transaction volume exceeded 100 million one minute after the start of Tmall Double 11, and the single-day sales exceeded 1 billion. Brilliant.The transaction also brought a large number of orders and customer flow to Lingzhi offline. It is reported that Lingzhi Group’s omni-channel transaction volume, including store pickup and store delivery, reached 173% of last year’s full-day sales. This year, more than 500 Uniqlo stores across the country support Tmall ordering and store pick-up services. As of 5 pm on Double 11, the transaction volume has reached 4.5 times that of last year's full-day omni-channel transaction.

Tmall has also promoted a series of international high-quality products to enter China. In recent years, Washington state apples, Seattle cherries, and Alaska king crabs have traveled across the ocean and become popular on the dining tables of Chinese consumers. A large number of high-quality U.S. agricultural products are entering China via China's e-commerce "high-speed rail", which not only meets China's consumption upgrade needs, but also increases U.S. employment and tax revenue, and helps U.S. small and medium-sized enterprises share the dividends of globalization.

In this regard, "People's Daily" did not hesitate to praise in a commentary article, "With the deepening of my country's supply-side structural reform, the consumer market is undergoing qualitative changes: in the circulation link, online and offline integrated development; in the production link, goods and services are simultaneously upgraded. These new supplies stimulate the desire to buy, making people more willing to open their wallets." “The Internet not only gave birth to new business formats and new models, but also made many traditionalThe industry regains its vitality. All walks of life are leveraging the role of informatization in improving total factor productivity and promoting the deep integration of the Internet and the real economy. Nowadays, many production workshops are like big data factories. Receiving orders, arranging production, and logistics distribution are all information-based processing, and machines are replaced by people, which is precise and efficient." rgb(255, 255, 255);"/>
"New retail will reshape many industries and even change our daily habits. "Hong Kong media Jinsight described this in the report. Through big data and artificial intelligence, Tmall has been able to predict consumer demand more and more accurately, incubate trend categories, and leverage the global economy.

Today, the number and breadth of participants in this Business Olympics has even exceeded the expectations of Wall Street and Citibank. As the famous British broadcaster BBC summarized this: China is no longer a follower, but a leader in the world's e-commerce and user experience. When the clock strikes midnight, the world should see how far China has moved forward.