Growth in online sales is slowing, while new players eat away at Alibaba’s market share, data show.
Bernstein expects consumer and regulatory trends to favor stock plays in"real" categories — e-commerce, food delivery and local services — over"virtual" ones — gaming, media and entertainment.Over the weekend, the 6.18 shopping festival spearheaded by JD.com saw total transaction volume rise by 10.3% to 379.3 billion yuan .
"This is due to a larger base, deeper integration of online and offline channels ... and weaker consumer confidence on concerns of a slowing economy and rising unemployment," the firm said. Fitch expects online sales of food and household goods to perform better than that of apparel.retail sales fell by 6.7%Fitch expects China's retail sales to only grow by low single digits this year, versus 12.5% in 2021.
"Their recent decision to cut off external links to [Alibaba's] Taobao and JD shows that times have changed," Ashley Dudarenok, founder of China marketing consultancy ChoZan, said at the time of the news."Taobao is no longer the only main battlefield for e-commerce." Users like cosmetics livestreamer Zhao Mengche often describe Kuaishou as having a"community," in which he said the app is trying to integrate more brands and mimic a village market square — online. Zhao has more than 20 million followers on Kuaishou.
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