This year's Double 12, Taobao has for the first time designated the Good Price Festival as the theme of a major promotion, upgrading from a sub venue to a main venue, and continuously increasing the emphasis on "good goods and good prices". Compared to previous years, the year-end Good Price Festival has undergone significant upgrades in terms of discount intensity and product scale.
The mentality of "good goods and good prices" on Taobao has been further enhanced, and the growth in order volume in the third tier and below markets is particularly significant. The brand participated in the Good Price Festival for the first time and relied on "good goods and good prices" to achieve business growth. During the Double 12 period, the transaction volume under the Taobao "billion yuan subsidy" activity increased by 829% year-on-year, and the daily average number of purchasing users increased by 351% year-on-year.
This year's Taobao year-end good price festival saw explosive growth for small and medium-sized businesses. For new merchants established this year, Taobao's year-end good price festival has launched an exclusive IP called "New Store Rewards" to help new merchants quickly achieve a cold start. The store broadcast performance is also very impressive. The overall store broadcast transaction volume of household appliances increased by 30% compared to last year's Double 12 cycle, and many new stores rely on store broadcasts to achieve rapid growth.
At the beginning of its establishment, Taobao Good Price Festival was an exclusive marketing channel tailored for small and medium-sized businesses. After its effectiveness was fully verified during the 618 and Double 11 periods, the Double 12 Good Price Festival was upgraded to the main venue and attracted a large number of brands and small and medium-sized businesses to invest heavily.
During the 618 period, over 2.56 million small and medium-sized businesses achieved a transaction volume higher than the same period last year; During the Double 11 period, the third tier and below markets alone added over 20 million purchasing users and received over 140 million new orders. It is understood that the upcoming Taobao Good Price Festival will serve as a long-term IP operation, continuously increasing investment and carrying out good goods and good prices to the end.
Compared to 618 and Double 11, the biggest change in this Taobao Good Price Festival is that the brand has brought a large number of explosive and top-notch products, and the number of participating products has increased by nearly 20% year-on-year, setting a new historical high.
The reason why brands are willing to join the Good Price Festival is because during the Tmall Double 11, which focuses on "low prices across the entire network", GMV, order volume, user scale, and merchant scale have all grown comprehensively, allowing brands to see the value and trend of "good goods and good prices".