China's leading B2B cross-border e-commerce marketplace, DHgate, reported a record-breaking performance during the Black Friday and Cyber Monday 2023 period, doubling its Gross Merchandise Value (GMV) compared to the previous year. This five-day sales event, strategically planned for the 2023 gifting season, saw an explosive transaction growth rate driven by two key groups: wholesale customers and cross-border retailers.
Key highlights of DHgate's Black Friday and Cyber Monday 2023 performance include:
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Wholesale purchases increased by 120%
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Transactions with cross-border retailers accounted for more than US$10 million in sales
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Consumer electronics and smart devices, including robot vacuum cleaners and smart electric scooters, topped the sales charts
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Fashion sales doubled month-on-month and increased by more than 50% year-on-year
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Mobile phones and accessories' GMV growth tripled month-on-month and grew 2.5 times year-on-year
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Home and lifestyle products increased fivefold month-on-month and tripled year-on-year
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Sportswear and fitness gear grew 3.5 times year-on-year, with particular success in yoga apparel
DHgate's success during this critical sales period can be attributed to its deep understanding of consumer behavior, which has shifted significantly due to global economic challenges and inflation. According to a TD Bank survey, 4 out of 5 consumers have had their spending habits impacted by inflation, with over half turning to discounts and promotions (57%) and seeking lower-priced options (53%) to combat rising costs.
To attract deal-savvy shoppers, DHgate offered genuine discounts, including a standout promotion of US$4 off for every US$40 spent on merchandise, with savings of up to US$40. As the TD Bank survey highlighted, this aligns with the trend of consumers seeking better deals during economic uncertainties.
To enhance customer experience and ensure timely delivery of holiday packages, DHgate upgraded its logistics services and support system. New shopping perks include guaranteed delivery within fifteen days and free shipping to the US, France, and Spain on certain products.
Founded in 2004, DHgate has established itself as a powerhouse in the B2B cross-border e-commerce space. As of the end of 2022, the platform boasted:
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Over 34 million live listings annually
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More than 59.6 million registered buyers from 225 countries and regions
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Connections to over 2.54 million sellers in China and other countries
This record-breaking performance during Black Friday and Cyber Monday 2023 shows DHgate's growing influence in the global e-commerce landscape and its ability to adapt to changing consumer behaviors in the face of economic challenges.
