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This year, for the first time, China's E-commerce platforms didn't release their GMVs during the Double 11 Shopping Festival. Instead, at the midnight of November 11, Tmall announced that the GMV maintained stable over last year; JD stated it "exceeded the average growth of the industry"; Douyin and Kuaishou just reported the increase in the number of merchants and transactions.
This phenomenon implies the market might have entered a relatively stable stage without fast-growing resources. E-commerce platforms might have extended their GMV-oriented focus to the long-term retention and conversion of core customers.
