When the "national subsidy" meets the 618 "Shopping Festival", it becomes a breakthrough to unleash consumption potential
Hong Yong, an expert from the China Digital-Real Economy Integration 50 Forum think Tank, told the Securities Daily that this year, various platforms have abandoned the previous complex and cumbersome practices such as superimposition, full reduction, and threshold red envelopes. This not only enhances the consumption experience of users but also conforms to the increasingly rational consumption mentality of today - consumers are increasingly concerned about the quality, cost performance, and after-sales service of products. It is no longer easy to be attracted by the promotional methods of "complex discounts". In addition, with the popularity of content-based methods such as live-streaming sales and short video "product recommendation", platforms are paying more attention to the simultaneous promotion of consumption in multiple scenarios such as influencers and brand self-broadcasting, as well as local retail. The trend of integration between online and offline is obvious.
Fu Yifu, a special researcher of Suzhou Commercial Bank, told the Securities Daily that this year's 618 promotion on various platforms started to warm up one after another in mid-May and lasted for more than a month, which might be due to multiple considerations. On the one hand, people's consumption tends to be rational, and the promotion cycle is longer, which is more conducive to stimulating multi-scenario and multi-round consumption and increasing the repurchase rate. On the other hand, extending the promotion period can relieve the pressure on platforms and merchants, enabling them to prepare goods and deliver logistics more flexibly, and thereby optimize the shopping experience of consumers.
How can various shopping festivals be utilized to stimulate market vitality and unleash consumption potential? Fu Yifu believes that from the perspective of merchants, they should fully utilize the 618 shopping festival to further optimize their marketing strategies. For instance, in addition to traditional discounts and full-reduction offers, they can also introduce various forms of discounts such as cashback on consumption, gifts, limited edition products, and exclusive benefits for members. At the same time, innovative consumption scenarios should be created. Based on different shopping festival themes or hot topics, distinctive consumption scenarios should be established, such as "national trend" shopping festivals and "environmental protection theme" shopping festivals. Moreover, technologies like virtual reality (VR) and augmented reality (AR) should be better applied to provide consumers with a better shopping experience. In addition, the quality of services in all aspects, such as logistics and after-sales, can be improved, allowing consumers to consume with greater peace of mind and confidence.
Hong Yong stated that through multi-channel collaboration, diverse scenarios such as online and offline, local life, and community group buying should be organically integrated to provide customized goods and services for different user groups and meet multi-level consumption demands. At the same time, in line with the rational, quality and green consumption trends, we encourage brand upgrading and product innovation to provide consumers with higher-quality, healthier and more environmentally friendly choices.
In Hong Yong's view, it is also necessary to coordinate with efficient financial, logistics and after-sales service guarantees to enhance the overall consumption experience, and thereby shape the reputation and long-term competitiveness of the platform and brand. Only in this way can the shopping festival truly become an important engine for unleashing consumption potential and promoting the domestic economic circulation.
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