Core Viewpoint - Taobao is transforming its strategy to support high-quality merchants, moving away from low-quality competition and focusing on creating a healthier commercial ecosystem [5][17][26] Group 1: Performance and Strategy Changes - During the 618 shopping festival, Taobao reported record user engagement and transaction volume, with 453 brands achieving over 100 million yuan in sales, a 24% year-on-year increase [1] - Taobao has invested 10 billion yuan in subsidies for quality merchants through various promotional strategies, which has been well-received by both merchants and consumers [4][9] - The platform is shifting its focus from GMV (Gross Merchandise Volume) to the quality of transactions and consumer satisfaction, indicating a strategic pivot towards sustainable growth [6][7][21] Group 2: Merchant Support and Ecosystem Development - Taobao's "扶优" (supporting quality) strategy aims to create a fair and competitive environment for quality merchants while eliminating low-quality practices [19][24] - The introduction of the "真实体验分" (real experience score) system aims to provide a more transparent and fair evaluation of merchants, helping quality businesses stand out [11][12][21] - The collaboration with over 10,000 leading brands for member shopping credits demonstrates Taobao's commitment to investing in quality merchants and enhancing consumer experience [8][12][24] Group 3: Technological and Operational Innovations - Taobao is leveraging AI technology to combat fraudulent practices, such as the use of AI-generated fake images, thereby protecting both consumers and quality merchants [15] - The platform's new advertising collaboration with Xiaohongshu (Little Red Book) aims to enhance interconnectivity and provide additional growth opportunities for merchants [13] - By eliminating practices like "only refunds" and targeting malicious behaviors, Taobao is creating a more equitable operating environment for quality merchants [14][26]

Core Insights - Membership shopping credits are becoming a key growth accelerator for brands during the 618 shopping festival on Tmall, with some brands seeing membership transaction ratios exceed 70% for the first time [2][5] - Tmall has partnered with over 10,000 leading brands to offer straightforward shopping credit discounts to their members, enhancing customer engagement and driving repeat purchases [2][3] - The strategy emphasizes a symbiotic relationship between the platform and brands, where increased investment from merchants leads to greater platform support, ultimately benefiting both parties [3][5] Group 1: Membership Strategy - Tmall's 2025 strategy focuses on supporting quality brand growth, with significant resources allocated to merchant incentives, new product support, and member benefits [4][19] - The introduction of a "member omnichannel penetration" plan aims to extend member benefits beyond private domains to public areas like search and shopping carts, enhancing brand visibility [4][19] - The 618 shopping festival showcases the latest iteration of this strategy, with brands offering substantial discounts through shopping credits, encouraging consumers to recharge before purchasing [6][12] Group 2: Consumer Engagement - Many brands have elevated the status of membership benefits, creating tailored plans for new customers and loyal members, including exclusive offers and rewards [6][12] - The shopping credit system is designed to attract consumers by providing immediate and tangible discounts, making it more appealing for them to engage with brands [12][20] - The concept of membership economics is highlighted, where high-value users are willing to pay a premium for guaranteed benefits, transforming transaction flows into assets [12][20] Group 3: Long-term Implications - The shift in Tmall's strategy reflects a broader trend in the e-commerce industry, moving away from price wars towards building long-term customer relationships and loyalty [14][22] - The platform's focus on member engagement has resulted in significant growth metrics, with membership contributing to over 50% of transaction volumes for leading brands [19][20] - The collaborative investment model between Tmall and brands is seen as a way to break the cycle of traffic and loss, fostering a healthier ecosystem for all stakeholders involved [20][22]