Citigroup: E-commerce GMV in the first phase of Double Eleven increased by more than 4% year-on-year, and platform performance was divided

The Zhitong Finance App learned that Citibank released a research report saying that the overall total commodity transaction volume (GMV) of major e-commerce platforms in the first phase of Double Eleven increased by more than 4% year on year. If instant retail is included, it increased by about 10% year on year, in line with industry expectations. The performance of various platforms was divided. Douyin grew the fastest, and Tmall performed better than Taobao. The bank maintained Alibaba-W (09988), JD Group-SW (09618), and Pinduoduo (PDD.US) “buy” ratings.

Citi pointed out that Douyin has benefited from the rapid growth of e-commerce shelves and tactical influencer support, and has become the fastest growing platform; Tmall is superior to Taobao due to 88VIP member contributions and increased brand advertising expenses. While balancing profits, JD continues to maintain the competitive advantage of its own 3C and home appliance businesses; Pinduoduo prioritizes the quality of industrial belt supply rather than subsidies. The bank believes that although the application of artificial intelligence has improved merchant marketing and cost efficiency, the consumption scenario is still in its early stages and is not enough to reverse macroeconomic headwinds. Overall, e-commerce platforms are prioritizing sustainable and disciplined commercial monetization over price wars.