Taobao Double 12 was renamed Taobao Yearend Good Price Festival.
On November 24th, the Taobao Merchant Service Hall showed that the Taobao Double 12 event was cancelled this year and will no longer be held. In December of this year, the platform will hold a large-scale event called "Taobao Annual Good Price Festival", and it is expected to start attracting investment by the end of November.
Subsequently, Taotian Group responded by stating that Taobao Double 12 will be renamed as Taobao Yearend Good Price Festival, and the Taobao Good Price Festival will officially start at 8:00 pm on December 9th. Compared to the previous Double 12, the discount intensity, merchant scale, and product scale have all significantly increased.
According to a reporter from Pengpai News, the Taobao Good Price Festival is not a new product. On June 18th this year, Taotian Group launched the Taobao Good Price Festival, which is also the first time in the history of Taobao and Tmall 618 that an exclusive field and marketing channel have been launched specifically for the Taobao merchant ecosystem. This marketing channel mainly revolves around the demand for cost-effectiveness, thus attracting more sunken markets and young users' visits and purchases for Taotian Group.
Taotian Group stated that during the Double 11 sales period, the Good Price Festival brought explosive growth to small and medium-sized businesses. The year-end Good Price Festival held by Taobao is a continuation and enhancement of the Good Price Festival, creating greater growth opportunities for various businesses.
In 2011, Taobao launched a "nationwide frenzy" campaign on December 12, with a trading volume of 4.38 billion yuan. However, in the subsequent development, there were first Double 11 promotions, followed by various online and offline year-end promotions. The momentum of Double 12 gradually weakened, and Alibaba has not announced the trading volume of Double 12 for many consecutive years.
According to the financial report released by Alibaba, as of September 30th, the total revenue of Taotian Group was 97.654 billion yuan, a year-on-year increase of 4%. The financial report shows that the number of Taobao app users, transaction buyers, and order volume continued to grow this quarter, with 88VIP members showing double-digit growth year-on-year, with a scale exceeding 30 million.