新浪科技讯 10月10日晚间消息，抖音电商公布双11大促首日数据，商家发展势头强劲迎"开门红"，首 日参与活动并获得收入的商家数量同比增长75%，其中，销售额破亿元的品牌数量同比增长800%，销 售额破千万元的单品数量同比增长500%。 同时，创作者生态保持高增长，首日有超过10万个电商作者实现销售额同比增长200%。 此外，直播、商城、搜索、商品卡等多元场景协同发力。直播电商依旧是商家生意增长的重要动力。数 据显示，首日直播带动销售额同比增长66%，其中店播表现突出，店播销售额破百万元的商家数量同比 增长117%，破千万元的商家数量同比增长超过10倍。 除了直播场景外，货架场景成为今年双11的另一增长引擎。今年，抖音商城和搜索是消费者领取消费券 的主要入口。数据显示，首日抖音商城销售额同比增长211%，增长势头显著。搜索和商品卡也表现强 劲，首日搜索带动销售额破百万元的商家数量同比增长388%，商品卡带动销售额破百万元的商家数量 同比增长406%。 责任编辑：刘万里 SF014 ...

作者 | 李小霞 编辑 | 乔芊 36氪独家获悉，过去一年（2024年8月-2025年7月）抖音电商GMV同比增长34%。 其中，货架电商的成绩突出。据抖音官方消息，过去一年抖音货架电商GMV 同比增长49%，高于电商 整体增速。 此前36氪曾报道，2024年抖音电商GMV约为3.5万亿元，同比增幅30%。这意味着，今年在电商行业增 速整体趋缓的情况下，抖音电商依然保持着稳定增长。 货架电商的高速增长，离不开抖音电商对货架电商的补贴。据36氪独家了解，今年618期间，抖音货架 电商就交出了不错的成绩，超出预期目标，GMV在2000亿元左右，占比接近50%。 抖音方面对以上数字表示不予回应。 2022年年中，抖音电商提出将"兴趣电商"升级至"全域兴趣电商"，先后推出抖音商城页卡，以及独立 APP等，彼时，抖音电商总裁魏雯雯宣布将重点发力商城和搜索，新场域即货架电商未来占比要在50% 以上。 这从今年以来，抖音电商的一系列调整也能看出端倪。 今年3月，36氪曾独家报道，巨量千川被整体并入抖音电商，成为其二级部门，此前分别服务于巨量千 川和抖音电商的两个算法团队，也被整合到一起。 巨量千川被并入抖音电商，意味着它不 ...

Core Viewpoint - The stock price of Dongfang Zhenxuan experienced significant volatility on August 19, with a peak increase of nearly 24% followed by a sharp decline, ultimately closing down 21.25% at 34.16 HKD per share, amid rumors regarding the CEO's alleged misconduct [1][2]. Group 1: Stock Performance - On August 19, Dongfang Zhenxuan's stock price fluctuated dramatically, reaching a high of 53.7 HKD per share before dropping over 40% within an hour [1]. - The stock closed at 34.16 HKD, with a trading volume of 92.89 billion HKD and a turnover rate of 21.21% [2]. - The stock had previously seen a cumulative increase of 85% in July and an additional 144% in August before the recent decline [2]. Group 2: Rumors and Company Response - A rumor circulated about CEO Zhou Chenggang being investigated for allegedly misappropriating company interests through related-party transactions, which the company labeled as false [2][5]. - Dongfang Zhenxuan issued a statement refuting claims about a commission rate exceeding 30%, clarifying that the actual average commission rate is below 20% [2]. - The company has initiated legal actions against the spread of these rumors [2]. Group 3: Business Performance and Strategy - Dongfang Zhenxuan's stock has seen significant fluctuations over the years, with a peak increase of over 14 times from June 8, 2022, to February 3, 2023, followed by an 81.37% decline from February 3, 2023, to June 30, 2025 [6]. - In June 2023, the estimated GMV reached 870 million RMB, a year-on-year increase of 28%, with self-operated product GMV at 350 million RMB, up 15% [6]. - The company is shifting focus towards self-operated products, with a projected 39% sales share from self-operated products by June 2025, indicating a reduced reliance on live-streaming traffic [6].

Core Viewpoint - On August 19, Oriental Selection's stock experienced significant volatility, initially rising over 23% before closing down 20.89% at HKD 34.32 per share, with a trading volume exceeding HKD 9.3 billion and a market capitalization of approximately HKD 36 billion [1][2]. Group 1: Stock Performance and Market Reactions - The stock price of Oriental Selection saw a cumulative increase of 266% from July to August 18, 2023, but faced a sharp decline on August 19 due to profit-taking by short-term investors [4]. - Analysts noted signs of capital absorption at lower price levels during the sell-off, indicating potential interest from investors despite the volatility [3][4]. - The stock has experienced significant fluctuations in recent years, with a peak increase of over 14 times from June 8, 2022, to February 3, 2023, followed by an 81.37% decline from February 3, 2023, to June 30, 2025 [4]. Group 2: Business Model and Growth Prospects - Oriental Selection's self-operated products have shown strong performance, with an estimated GMV of RMB 870 million in June 2023, a year-on-year increase of 28%, and self-operated product GMV reaching RMB 350 million, up 15% year-on-year [6]. - The company is expected to achieve a self-operated product sales ratio of 39% by June 2025, with 60% of these sales coming from shelf e-commerce channels, indicating a shift away from reliance on live-streaming traffic [6]. - Recent product launches, such as a self-operated brand of sanitary napkins, have been successful, selling 180,000 units within two days of release [6]. - Analysts believe that the improvement in GMV and the growth in paid membership numbers will lead to a more favorable profit structure for Oriental Selection [6]. Group 3: Market Sentiment and Future Outlook - The recent stock surge is attributed to improvements in the company's business model and the overall bullish trend in the Hong Kong new consumption sector [7]. - Despite the positive developments, experts caution that Oriental Selection currently lacks a distinct competitive advantage or "moat" in the market [7].

Group 1 - The stock price of Dongfang Zhenxuan (01797) has fallen over 6%, despite having doubled since early July, currently trading at 26.08 HKD with a transaction volume of 793 million HKD [1] - Recent consumer dissatisfaction has emerged regarding product adjustments at Sam's Club, leading to negative feedback on social media [1] - Hema's membership stores will cease operations, indicating a complete withdrawal from the membership store business that aimed to compete with Costco [1] Group 2 - Tianfeng Securities noted that Dongfang Zhenxuan possesses attributes of both shelf e-commerce and social e-commerce, aiming to establish itself as an online version of Sam's Club, potentially benefiting from market changes for secondary growth [1] - Zheshang Securities highlighted that Dongfang Zhenxuan, along with brands like Pang Donglai and Sam's Club, focuses on consumer-centric product development, offering high-quality and cost-effective products to meet health needs, which drives stable repurchase rates [1] Group 3 - New Oriental reported a revenue of 150 million USD for Q4 of fiscal year 2025, reflecting a year-on-year decline of approximately 30%, although the decline rate has narrowed compared to the previous quarter [1] - Non-GAAP operating profit was approximately 79 million RMB, with an operating profit margin of about 7%, showing a quarter-on-quarter improvement [1] - The company is experiencing an improvement in profitability following the separation from Huixing and the departure of key influencer Duan Duan, suggesting a transition from influencer-driven to product-driven strategies [1]

Core Viewpoint - Douyin's e-commerce strategy has shifted significantly, focusing on quality and service rather than just data metrics, leading to a notable increase in GMV during the 618 shopping festival [3][10][14]. Group 1: Douyin's E-commerce Performance - During the 618 event, Douyin set a GMV target of 400 billion, ultimately achieving over 440 billion, a 32% year-on-year increase [3][10]. - Over 60,000 brands saw their transaction volumes double, with 236 brands achieving over 100 million in sales through live streaming [8][10]. - The overall GMV for Douyin's e-commerce in 2024 is projected to reach approximately 3.43 trillion, a 35% increase from 2023 [10]. Group 2: Strategic Shifts and Trends - Douyin has transitioned from a focus on live streaming to integrating shelf-based e-commerce, with shelf sales accounting for 45% of total purchases during the 618 event, growing over 70% year-on-year [11][13]. - The platform has implemented a 37-day promotional period for the 618 event, allowing for better inventory management and brand communication [7][11]. - Douyin's e-commerce strategy now emphasizes brand partnerships and personalized marketing, moving away from a generalized approach [8][22]. Group 3: Supportive Policies and Market Dynamics - Douyin has introduced various merchant support policies, saving businesses over 11 billion in operational costs by May 2025 [17]. - The platform capitalized on national subsidy policies, with over 30,000 live sessions promoting subsidized products during the 618 event [14][15]. - Douyin's marketing budget for brands has increased, with a significant shift towards the platform for advertising, particularly in the beauty sector [18][35]. Group 4: E-commerce Ecosystem Development - The rise of "red person store broadcasting" has become a new trend, with over 20 red person stores achieving over 100 million in sales during the 618 event [33]. - The integration of live streaming and shelf-based sales is becoming a key feature of Douyin's e-commerce model, with a notable increase in the proportion of store broadcasts [34][36]. - Douyin's e-commerce ecosystem is evolving to provide a more diverse shopping experience, enhancing user engagement and loyalty [37].

Core Insights - The article discusses the evolution of the "酷动城" (Cool City) platform, highlighting its transformation from a niche sneaker marketplace to a comprehensive trend-driven e-commerce platform that caters to a wider audience [2][10][18] - It emphasizes the growing importance of authentication services in the sneaker and streetwear market, as consumer demand for verified products increases [9][10][11] - The article also notes the shift in consumer behavior towards more mainstream e-commerce platforms like Taobao, which offer a broader range of products and better user engagement [22][27] Group 1: Evolution of Cool City - Cool City has undergone a significant rebranding and expansion, now featuring a variety of trendy products beyond just sneakers, including apparel and collectibles [2][10] - The platform has successfully integrated authentication services, enhancing consumer trust and engagement [9][10] - The rise of Cool City reflects a broader trend in the e-commerce landscape, where platforms are evolving to meet changing consumer preferences [18][27] Group 2: Market Dynamics and Consumer Behavior - The sneaker resale market in China reached a valuation of over $1 billion in 2019, indicating a robust demand for collectible footwear [6] - The financial attributes of sneakers have led to increased speculation and a need for reliable authentication services, with platforms like "得物" (Dewu) and Cool City competing in this space [6][10] - Consumer preferences are shifting towards platforms that offer a wider selection and better service, with Taobao's integration of payment systems significantly boosting user engagement [22][27] Group 3: Future Trends in E-commerce - The article predicts that the future of trend-driven consumption will increasingly align with traditional e-commerce models, emphasizing the importance of a stable supply chain and user experience [19][27] - As the market matures, platforms that can effectively balance trendiness with reliable service and product availability will likely dominate [19][27] - The concept of "货架电商" (shelf e-commerce) is highlighted as a key trend, allowing brands to engage directly with consumers and build cultural capital [27][28]

Group 1 - The core viewpoint is that the live e-commerce sector in China is experiencing significant growth, with a GMV of 1.98 trillion yuan in the first nine months of the year, representing a year-on-year increase of 60.6% [1] - The live e-commerce accounted for 18.3% of the total online retail sales of 10.8 trillion yuan and 21.9% of the physical online retail sales of 904.35 billion yuan [1] - The growth rate of live e-commerce GMV is expected to be around 35-40% for the year, driven by emerging channels such as short video feeds, shelves, and search, rather than solely by live streaming [1][5] Group 2 - Kuaishou's GMV for the first half of 2023 was 490.2 billion yuan, with a year-on-year growth rate of 33.8%, and the GMV from live streaming is projected to grow at a rate of 15-20% for the year [3][5] - The growth of live e-commerce is anticipated to normalize, with the live streaming channel's growth rate expected to decline to around 10% as platforms shift focus to brand self-broadcasting [5][6] - The broader live e-commerce market, including shelf models, is expected to increase its market share to 30% over the next 3-5 years, with a potential market size of approximately 7 trillion yuan [5][6] Group 3 - The live e-commerce model is characterized by high operational costs, making it less favorable for small and medium-sized businesses, while the shelf model is seen as more accommodating for these merchants [7] - Instant retail, although not included in physical online retail statistics, is identified as a significant growth market for the next seven years [7]

Core Insights - The article discusses the evolving marketing strategies on Douyin (TikTok) as traditional methods become less effective, highlighting the need for brands to understand consumer behavior across platforms and the role Douyin plays in this ecosystem [1][4]. Group 1: Consumer Behavior and Transaction Models - Consumers' transaction behaviors can be categorized into three main models: closed-loop transactions within a single e-commerce platform, cross-platform "planting grass - harvesting" models, and cross-platform collaboration models driven by category demand [2][4]. - Douyin plays a dual role in marketing: facilitating closed-loop transactions and stimulating category demand, which is essential for brands to optimize their marketing strategies [4][5]. Group 2: Consumer Journey and Engagement - The average consumer behavior shows that 100 exposures on Douyin lead to 6 subsequent actions and 0.8 transactions, indicating a significant engagement potential [5]. - The three core consumer journey types identified are search-based, impulsive/browsing, and interest accumulation, with impulsive/browsing consumers accounting for over 50% of transactions [6][10]. Group 3: Marketing Strategies and Recommendations - Brands should focus on creating engaging content that emphasizes value and brand identity rather than just product efficacy or price, especially for new and lesser-known brands [7]. - As consumer behavior evolves, brands need to refine their strategies to integrate interest-driven and shelf-driven e-commerce, optimizing the "reach - mindset - purchase" journey [10][12]. Group 4: Data-Driven Insights and Solutions - The article emphasizes the importance of using comprehensive data insights to understand consumer behavior and decision-making processes, which can help brands reshape their marketing strategies on Douyin [12][18]. - The "Douyin e-commerce growth strategy solution" focuses on aligning product and content operations based on consumer journey insights, aiming for sustainable growth in GMV and ROI [12][13].

双十一前夕，淘宝用户增长达近四年峰值。 已经有 16 年历史的双 11 大促，今年在一种全新的氛围中迎来了开场。 科技巨头们曾在层层加码的抢地盘、垒高墙中，确立了过去十年行业竞争的游戏规则——抱团、封闭、无 休止的外战，也裹挟了所有用户在移动互联网时代的行为方式——在 APP 孤岛中来回切换。开放一度变成 互联网不再具备的特质，如今，坚冰正在消融。 9 月初，淘宝宣布接入微信支付，随后，京东物流进淘宝，支付宝进京东，缠斗已久的科技巨头们，向对 手敞开了此前最为严防死守的腹地。 根据 QuestMobile 最新数据，9 月淘宝应用新安装用户量同比增长 55%，达过去四年最高值；月活跃用户 规模上，9 月淘宝新增 1867 万，总月活规模达 9.44 亿创历史新高。 平台们逐渐尝到互通的甜头，行业气氛也随之改变。当科技巨头们从零和博弈的恐惧中抽身回头，也带来 了新的竞争逻辑：与其把精力花在遏制对手，不如全面开放，找最有效的物流、支付、流量渠道合作，追 逐最极致的效率。 互联互通的影响正在全面渗透双 11 。作为零售行业最为重要的大促，第一个在互联互通后举行的双 11， 展现着行业开放的价值，并在各平台对营商环境 ...