E-commerce approach centered on users is adopted by Kuaishou to attract customers
In the ever-evolving landscape of e-commerce, Kuaishou E-commerce is making significant strides, providing operational support to merchants and influencers across various stages. This support has been instrumental in the platform's growth, as evidenced by a 55% year-on-year increase in the number of e-commerce operators on Kuaishou in 2023.
During the 618 shopping festival, Kuaishou Mall opted for a unique approach, canceling pre-sales and launching direct sales from May 20. Instead of limiting promotional activities to the traditional festival period, Kuaishou Mall adopted the "Everyday is 618" theme, aiming to sustain consumer enthusiasm throughout the year.
Kuaishou Mall has also introduced sales management functions, including commission management for branded products and pricing management for white-label products. Furthermore, the platform is collaborating with major industrial belts to bring high-quality products at affordable prices directly to consumers.
The user-first strategy, developed by the Kuaishou team and first officially presented in 2020, is a key component of Kuaishou E-commerce's success. This strategy aims to optimize the consumer shopping experience and boost collaborative growth. The strategy was reiterated by Kuaishou's senior vice president at the 2024 Kuaishou Gravity Conference.
Kuaishou E-commerce's efforts have not gone unnoticed. In 2023, the proportion of short video impressions on the platform increased by 75% year-on-year, and over 47% of its gross merchandise volume (GMV) came from users over 40 years old. The platform's digital shelves contributed over 20% of its e-commerce GMV in the first quarter of 2024.
To support new merchants, Kuaishou E-commerce initiated a RMB 100 billion (USD 14.1 billion) plan. The platform's "cold start" traffic coverage rate for new merchants exceeds 95%, ensuring a strong foundation for these new businesses. Kuaishou is also partnering with merchants to provide a rich supply of affordable quality goods.
Shelf-based e-commerce on Kuaishou has seen impressive growth, with daily active users increasing 75% year-on-year in 2023. The transaction volume from shelf-based e-commerce increased by 6.2 percentage points year-on-year.
Page views from e-commerce searches increased by over 120% year-on-year, indicating a growing interest from consumers. Kuaishou E-commerce will continue to invest RMB 70 billion (USD 9.8 billion) to help high-quality merchants draw traffic and achieve business breakthroughs.
One of the platform's successful initiatives was Kuaishou Selection, which introduced high-quality products from the blueberry industry belts in Honghe and Dandong. This move resulted in a 41% increase in blueberry orders within ten days of launch.
With these initiatives and strategies in place, Kuaishou E-commerce's total GMV for 2023 exceeded RMB 1.18 trillion (USD 166.3 billion). The platform continues to grow, offering a comprehensive e-commerce experience to its users.
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