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11.11 is China's second most important shopping day of the year, after Singles' Day.
According to 2021 reports, eCommerce giants Alibaba and JD racked up around $139 Billion in sales on their platforms. With its rapid growth, many businesses are trying to cash in on this day with their e-commerce platforms by focusing on their marketing strategies and improving customer experience.
As Baozun uncovered in 2022, despite macroeconomic growth slowing and consumer confidence waning, there was still an observable evolution of shopping behaviours.
As the GDP decreased from 8.1 percent to 3.2 percent year-on-year, social retail sales also dropped significantly. A 44 trillion yuan total revenue in 2021 compared with only 32.1 trillion by September this year demonstrates the severity of reduced consumption power caused by a lack of consumer confidence.
During China's 11:11 Sale, it was clear that customers' online behaviours have changed, and this is driven not by economic factors but rather by individual preferences.