Core Insights - Xiaohongshu's e-commerce platform saw significant growth during the Double 11 shopping festival, with the number of merchants achieving over 10 million in transaction volume increasing by 140% year-on-year [1] - The contribution from buyers was notable, with their transaction volume increasing by 73% during the event [1] - The platform's strategy of eliminating commission fees and enhancing visibility for merchants has led to a surge in merchant participation and sales [1][5] Merchant Performance - The number of products with transaction volumes exceeding 100,000 increased by 145% year-on-year [1] - Over 30% of small merchants (those with monthly sales below 100,000) experienced transaction volume growth exceeding 100% during Double 11 [4] - The average transaction value for merchants achieving over 10 million in sales reached 3,000 yuan, while for top buyers, it was as high as 7,700 yuan [3] Consumer Behavior - The number of consumers placing orders on Xiaohongshu increased by 77% during Double 11 [3] - Consumer purchasing habits are shifting from essential goods to products that enhance lifestyle and personal interests [3] - Discussions related to Double 11 on Xiaohongshu reached an exposure of 18.7 billion, a 530% increase year-on-year, indicating heightened community engagement [3] Buyer Impact - The buyer community has grown rapidly, with their contribution to merchant transaction volume increasing by 783% during Double 11 [3] - Notable live-streaming performances, such as that of Zhang Xiaohui, achieved record-breaking sales, with a single session generating 180 million yuan in GMV [3] - Buyers have become a crucial element in Xiaohongshu's e-commerce ecosystem, driving significant sales and engagement [3]