Increased appeal of China's 618 shopping festival among businesses: Explanation
Over the past 21 years, JD.com's 618 shopping festival has grown to become the largest mid-year consumer event. However, the platform has not stopped evolving, and this year, it has made significant strides in catering to the unique needs of enterprises.
JD's enterprise business focuses on high-frequency enterprise procurement scenarios, establishing a series of scenario-based solutions to ensure convenient one-stop procurement. This shift in focus has opened up a new world of opportunities for businesses, allowing them to streamline their procurement processes.
One such example is a fast-moving consumer goods (FMCG) company that was able to quickly complete gift customization through JD, ensuring the smooth execution of its marketing activities. This efficiency is crucial for enterprises, as they prioritize cost reduction and efficiency over speed and growth, unlike personal consumers.
The enterprise procurement segment on JD offers exclusive prices, group-buying rates, volume rebates, and other exclusive discounts proportional to the procurement scale. This has attracted more brands to use 618 as an important launchpad for new B-end products.
This year, the transaction volume attributable to enterprise procurement saw a year-on-year increase of 58% during JD's 618 "enterprise savings month" campaign. A medium-sized enterprise in Shandong saved about 20-30% in cost and experienced faster delivery speeds by deferring its procurement of office supplies and consumables to JD during 618.
Enterprises are consolidating less urgent and predictable procurement of consumables to be exercised during 618 for better cost savings. This trend is reflective of China's economy transitioning from rapid growth to high-quality growth, prompting businesses to shift from blind expansion to meticulous management and a greater emphasis on cost reduction and efficiency.
Platforms like JD's enterprise business have been promoting ecosystem integration of the B-end supply chain, establishing partnerships with well-known brands. This has led to a more open and collaborative ecosystem for B-end products, meeting enterprise procurement needs.
The platforms in the 618 Shopping Festival have employed new tactics such as integrating intelligent supply chain management and data-driven demand forecasting to better meet enterprise supply demands. This digital and intelligent supply chain upgrade reflects a shift to smarter platform operations and a more adaptive ecosystem supporting sellers and buyers alike.
In the past, enterprise procurement was often overlooked during the 618 shopping festival. However, with these advancements, it is clear that the festival is now offering a more inclusive and tailored experience for businesses. As JD.com continues to innovate and adapt, it is poised to remain a leading player in the ever-evolving e-commerce landscape.
