In 2023, when mainstream e-commerce regards price as its core competitiveness, vertical e-commerce platforms such as Vipshop and Dewu seem to be in another quiet corner. The partial corner also represents a more focused online brand discount retailer that specializes in large end products, which is still an option for many consumers.
On the evening of November 14th, Vipshop released its financial report for the third quarter of 2023. According to the financial report, Vipshop achieved a net revenue of 22.8 billion yuan (RMB) in the third quarter, a year-on-year increase of 5.3%; Non GAAP's net profit was 1.8 billion yuan, a year-on-year increase of 15.5%.
From a time perspective, Vipshop's net revenue in the first quarter was 22.8 billion yuan, and in the second quarter was 27.8 billion yuan, with year-on-year growth rates of 9% and 13%, respectively. The growth rate of 5.3% in the third quarter was the worst in the first three quarters, but July September is also considered the off-season for clothing sales.
Meanwhile, the GMV (total commodity trading volume) in the third quarter was 42.5 billion yuan, a year-on-year increase of 13.1%. Among them, the number of active users was 42.5 million, a year-on-year increase of 3.5%; The number of orders was 179.9 million, a year-on-year increase of 6.9%. Compared to the overall market, the total retail sales of consumer goods in China in the first three quarters of 2023 reached 34.2 trillion yuan, a year-on-year increase of 6.8%. Vipshop's GMV growth rate is relatively high.
On the other hand, the financial report shows that the unit price of Vipshop for customers in this quarter was 236 yuan, an increase of 6% compared to the same period last year. The increase in customer unit price directly indicates that Vipshop has not followed the mainstream e-commerce strategy of aggressively lowering prices.
According to official information, in the third quarter of this year, Vipshop launched new programs such as Vipshop Olay, Vipshop Night Market, and Trend Intelligence Bureau, creating a high-quality content ecosystem for users and increasing platform accessibility. In addition, Vipshop is still committed to enhancing the richness of its products on the site, and has introduced hundreds of fashion trends and high-end brands since the beginning of this year. In October, Vipshop announced a strategic cooperation with China Inspection and Quarantine Corporation to upgrade its quality inspection system and further enhance the platform's quality system.
In the context of mainstream e-commerce fighting a low price war, the development of some vertical e-commerce will receive a more relaxed market development environment. As of the closing of the US stock market on November 14th, Vipshop's market value was $8.018 billion.