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Double 11 new consumption why to leverage the global economy

Jun 19,2021

Recently, the People's Daily continuously praised Tmall, with the title of "Confidence Index continues to rise, the first October to achieve a high growth rate - New consumption to leverage China's economy" and "Sail to the network power", pointing out that the total retail sales of domestic consumer goods continue to rise, China's consumer confidence index continues to grow, of which the promotion role of Tmall is inseparable. New retail and new consumption are successfully leveraging the Chinese economy and even the global economy.


"Bought too much stuff and don't want to carry it home? Now, with the help of Tmall's new retail, shopping malls can be delivered to your door."


Yesterday, the People's Daily again with the title of "American agricultural products compete for China's e-commerce" high-speed rail ", reported that the United States snake fruit and other agricultural products are sold to China through Tmall, which not only promotes the upgrading of Chinese consumption, but also allows the United States agricultural small and medium-sized enterprises to win new opportunities.


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


Coincidentally, the Ministry of Commerce focused on monitoring the sales of professional stores, department stores increased by 6% and 1.6%, the growth rate of 3.5 and 0.6 percentage points faster than the same period last year, even if it is inconvenient to buy things in the past rural consumers, now on the e-commerce express, can easily "buy the world."


In the view of the People's Daily, this is the result of Tmall new retail helping traditional businesses achieve digital transformation, driving the recovery of physical stores, and promoting the comprehensive upgrade of Chinese consumption quality.


Previously, Tmall launched a series of innovations including store pickup, store delivery, online and offline integration, which brought new business opportunities for traditional brands. This year's double 11, the scale of new retail has further expanded, of which 50,000 stores of 300 clothing brands have achieved online and offline opening with Tmall, the number of store services has increased by 235%, and the omni-channel transaction and single volume are twice that of last year.


Bestseller Group announced over 100 million transactions in 1 minute after the start of Tmall Double 11, and its sales exceeded 1 billion in a single day. Bright transactions have also brought a large number of orders and passenger flow to Bestseller offline, it is reported that Bestseller Group's omni-channel turnover, including store pick-up and store delivery, reached 173% of the entire day last year. Uniqlo this year, more than 500 stores across the country support Tmall orders, store pick-up services, to double 11 at 5 PM, the turnover has reached 4.5 times of last year's all-channel transactions.


Tmall has also promoted a series of international high-quality goods into China, Washington state apples, Seattle cherries, Alaska king crabs, have crossed the sea in recent years to sell Chinese consumers' tables. A large number of high-quality agricultural products from the United States have taken the "high-speed rail" of China's e-commerce to China, which not only meets the needs of China's consumption upgrading, but also increases employment and tax revenue in the United States, and helps small and medium-sized enterprises in the United States share the dividends of globalization.


In this regard, the People's Daily said in a commentary, "With the deepening of China's supply-side structural reform, the consumer market is undergoing qualitative changes: in the circulation link, online and offline integration; In the production process, goods and services are upgraded simultaneously, and these new supplies stimulate the desire to buy, making people more willing to open their wallets." "The Internet has not only given birth to new business forms and new models, but also made many traditional industries regain vitality." All walks of life are giving full play to 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, logistics and distribution are information processing, machine replacement, accurate and efficient."


"New retail will reshape many industries and even change our daily habits." Hong Kong media jinsight reported this description. 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 participation in the business Olympics has exceeded even the expectations of Wall Street and Citibank. As the famous British Broadcasting Company BBC summed up: China is no longer a follower, but the world's e-commerce and user experience leader. When the clock strikes midnight, the world should see how far China has come.


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