Core Insights - Kuaishou is preparing for the 2025 Double Eleven shopping festival, aiming to improve its performance after losing major influencers [2][4] - The overall sales during the 2024 Double Eleven reached 14,418 billion yuan, marking a 26.6% year-on-year increase, primarily due to extended promotional periods across platforms [3] - Kuaishou's e-commerce GMV grew by 17.6% year-on-year in Q2 2025, reaching 358.9 billion yuan, with an average monthly buyer count of 134 million [3] Group 1: Kuaishou's E-commerce Strategy - Kuaishou's e-commerce evolution has shifted from merely increasing GMV to focusing on user growth, repurchase rates, and brand value [7][10] - The platform's user growth has slowed, with a 2.1% year-on-year increase in monthly active users, totaling 712 million [7][8] - Kuaishou's repurchase rate is high at 4.2 times per month, significantly surpassing Douyin and Pinduoduo, but it struggles to attract high-value consumers [7][8] Group 2: Competitive Landscape - Kuaishou's competitors, such as JD and Taobao, have established strong membership programs to retain high-value users, while Kuaishou lags in this area [8] - During the last Double Eleven, Kuaishou's platform saw 55% of categories dominated by private label brands, indicating a need to enhance brand recognition [9][10] - The absence of major influencers during the upcoming Double Eleven poses a challenge for Kuaishou, which has historically relied on them for sales boosts [12][14] Group 3: Market Trends and Consumer Behavior - The trend of consumers prioritizing quality and value is evident, with 45% of shoppers comparing prices before purchasing [22][23] - Kuaishou plans to invest 180 billion yuan in traffic subsidies and user incentives for the upcoming Double Eleven [22] - The overall e-commerce landscape is shifting towards efficiency, quality, and ecosystem competition, moving beyond mere GMV comparisons [25]