#Laogao E-commerce Newsletter# [May 22 E-commerce Evening News Brief]

Evening information:

1. JD Retail CEO Xin Lijun: This year is the most online and offline merchants 618;

2. Kuaishou's revenue in the first quarter was 25.22 billion yuan, and its e-commerce GMV reached 224.8 billion yuan;

3. Xiang Zuo’s first show brought more than 10 million yuan in goods, with an average customer price of 706 yuan;

4. Amazon will start Made in Italy on May 29;

5. Amazon will raise the threshold for free delivery fees for grocery orders starting from June 19;

...

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E-commerce newsletter

1. Kuaishou's revenue in the first quarter was 25.22 billion yuan. E-commerce GMV reached 224.8 billion yuan.

On May 22, Kuaishou released its results for the three months ended March 31, 2023. The group achieved revenue of 25.217 billion yuan during the period, an increase of 19.7% year-on-year; gross profit of 11.712 billion yuan, an increase of 33.4% year-on-year; adjusted EBITDA of 1.996 billion yuan. Specifically, the average monthly paid users increased by 6.4% year-on-year to 60.1 million, while the average monthly paid users' revenue increased by double-digit year-on-year. According to the financial report, the average daily active users and monthly active users of Kuaishou applications increased by 8.3% and 9.4% year-on-year to 374.3 million and 654.4 million respectively in the first quarter. (Snowball)

2. Xinxuan 618 mid-year shopping festival officially started its premiere. The total sales volume exceeded 15 million pieces.

On May 22, Xinxuan founder Simba Xin Youzhi started the premiere of the 618 Xinxuan Mid-Year Shopping Festival on May 20. The total popularity of the whole audience reached 77.23 million, and the total sales volume exceeded 15 million pieces. Among them, the transaction volume of vivo S17e curved screen mobile phones exceeded 72,000 units, with sales of more than 140 million yuan; the sales volume of pure milk and yogurt products exceeded 4.15 million boxes, with a total of more than 47.66 million boxes, with a total sales volume of more than 130 million yuan; the sales volume of durian, mango, mango and other fruits exceeded 1.06 million yuan, with a total weight of nearly 4,000 tons. (36Kr)

3. 1688 revises the 1688 WeChat applet privacy policy

On May 22, 1688 announced that it would recently revise the 1688 WeChat applet privacy policy, and the revised 1688 WeChat applet privacy policy will take effect on May 25, 2023. Specifically, the content of this revision includes the added scope of user authorization and the information collected and used to fulfill the obligations stipulated by laws and regulations. Add shopping cart business functions to list the information that needs to be collected in shopping cart functions; add invoice issuance business functions to list the information that users need to provide in the invoice issuance function; integrate and introduce payment and delivery functions. (1688 Rules Center)

4. Pinduoduo’s 10 billion subsidy launches the special "Home Appliance Super Addition" session

On May 22, Pinduoduo's 10 billion subsidy recently joined hands with mainstream home appliance brands such as Midea, TCL, Little Swan, Haier, Siemens, Konka, Rongsheng to launch the "Home Appliance Super Addition" activity, which significantly supplemented various home appliance products such as air conditioners, refrigerators, and washing machines. The subsidy for some products even exceeded 50%. According to the project leader of Pinduoduo's 10 billion subsidy for "Digital Home Appliances Consumption Season", the "Home Appliances Super Subsidy" event was officially launched at 8 pm on the 19th. By the end of the event at 8 pm on May 21, the "Home Appliance Super Compensation" event will bring consumers a "crazy 48-hour" consumption carnival. (Global Network Technology)

5. JD Retail CEO Xin Lijun: This year is the most online and offline merchants 618

On May 22, JD Retail CEO said at the launch conference of JD 618 that JD hopes to provide users with more diverse products from self-operated or third-party merchants, and provide consumers with more choices. In addition, JD.com should continue to lower the entry threshold for merchants and simplify the entry process of merchants. This year, JD.com launched a trial operation measure of 0 yuan, and in the first quarter of this year, JD.com's new merchants exceeded 40% year-on-year. Xin Lijun also said that this year is the 618 with the largest number of online and offline merchants. The addition of many brands including Tiffany and Tesla has also given consumers more choices. (Sina Technology)

6. Xiang Zuo’s first show brought more than 10 million yuan in goods, with an average customer price of 706 yuan

According to May 22, Xiang Zuo recently launched his first live broadcast show on Taobao, attracting 5.64 million people to watch the live broadcast room, with a transaction volume of more than 10 million. It is worth mentioning that the average customer price of Xiangzuo's live broadcast room is as high as 706 yuan. According to data from third-party institutions, Xiangtai’s average customer unit price on Douyin’s Douyin is around 169 yuan, and the former’s average customer unit price is 4 times that of the latter. It is reported that relying on Taobao's rich brand resources and high-quality product pool, Xiang Zuo obtained Nike Dunk black and white panda shoes, Wu Jianhao's xVESSEL, HEYDAY trendy shoes and other tip-top products at a very cost-effective price. (China Economic Network)

Internet news

7. Luo Yonghao works as a technology company to increase capital

According to the news on May 22, Tianyancha App showed that recently, Beijing Zixiong Information Technology Co., Ltd. had industrial and commercial changes, and its registered capital increased from US$22 million to US$27 million. The company was established in November 2016. The legal representative is Luo Zixiong. The business scope includes selling products developed by itself; conference services; organizing cultural and artistic exchange activities; public relations services, etc. The company is wholly owned by Sosie Technology Co., Ltd., and Luo Yonghao serves as the company's director. (Tianyan Check)

8. Walmart's PhonePe received an additional $100 million in financing with a valuation of $12 billion

Including the latest round, PhonePe has raised a total of $850 million so far. With a valuation of US$12 billion, PhonePe is the most valuable mobile payment company in India and one of the most valuable startups in India. PhonePe said in March that the company plans to use the funds it raises to build and expand new businesses, including insurance, wealth management and loans. It is understood that US retailer Walmart acquired a majority stake in PhonePe in 2018 and will continue to be the company's main investor. (interface)

Cross-border newsletter

9. Amazon will start Made in Italy on May 29

On May 22, the "Made in Italy Day" event jointly launched by Amazon and the Italian Ministry of Foreign Affairs and International Cooperation is scheduled to be held from May 29 to June 2. The event is held annually to help Italian businesses sell local products better. Mariangela Marseglia, vice president and country manager of Amazon Italy, also announced the "Amazon's Vision in Italy". (AMZ123)

10. Amazon raises the threshold for free delivery fees for grocery orders starting from June 19

According to May 22, Amazon has significantly raised the threshold for free delivery of Morrisons online grocery orders. Starting the end of next month, the company will charge a delivery fee for orders under £60. It is understood that Amazon announced in September last year that it had partnered with British retailer Morrisons to provide delivery services for Prime members. According to an email from Amazon to customers, Prime users need to spend 50% more than before to be eligible for free two-hour delivery. Currently, Prime members must spend £40 to qualify for free fast delivery from the Morrisons grocery store. From June 19, this threshold will rise to at least £60. (AMZ123)