This Double 11 has truly changed. In the past, when it came to Double 11, both platforms and merchants focused solely on price. But this year is different. This Double 11 offers a new solution—platforms no longer boast 'my price is lower than yours,' but instead care more about consumer experience and reducing burdens for merchants. After sailing for 16 years, the big ship of Double 11 has begun to turn its rudder and blow a 'new' wind. 'You can buy expensive, but you can't be overcharged' Every year, although the slogans for Double 11 vary, the market poses the same question to all e-commerce platforms: what do consumers really want? In the past, it might have been 'low price.' A year ago, Taotian launched activities like 'Everyday Low Price,' positioning the lowest price across the entire network as the core goal; JD.com shouted 'Really Cheap,' claiming price protection for over 800 million products... All major e-commerce platforms aimed at 'low price,' and the 'lowest price mystery' involving Li Jiaqi, JD.com, and Hisense left a deep impression. However, market feedback to each platform proved that relying solely on 'low price' does not earn high scores from consumers. So what do consumers really want now? In Liu Run's 2024 annual speech, we might get a glimpse: I can buy expensive, but I can't be overcharged. Today's consumers not only want affordability but also quality, shifting from cost-performance to quality-performance. Merchants who understand this became the first beneficiaries of this Double 11. Bull, a home appliance giant, is one of them. As early as October this year, five of Bull's power strips were selected for Pinduoduo's 'Super Double Subsidy' program and sold out as soon as they launched. 'We couldn't restock fast enough,' said the head of Bull's Pinduoduo store. This sales volume far exceeded expectations; originally projected to grow 2-3 times during Double 11, actual sales increased 12 times compared to September. This was not a 'price cut for volume' but 'creating supply.' To prepare for this year's Double 11 promotion, in August, Bull cooperated with Pinduoduo, using platform user feedback and other data to customize and launch five power strips exclusively for Pinduoduo, optimizing appearance and cord length, making them more affordable while maintaining quality and better meeting user needs. With the platform providing user demand profiles and brands leveraging strong supply chains to quickly innovate products, a batch of 'new-quality merchants' emerged from this deep integration. Similarly, Bear Electric, which participated in Pinduoduo's 'Super Double Subsidy,' also sold out—two customized health pots and electric kettles saw sales increase 7 times and 9 times month-over-month, respectively. It is clear that in this year's Double 11 promotion, price is no longer the protagonist. New-quality merchants and brands with supply chain advantages, like Bull and Bear Electric, are standing out through innovative supply and becoming the new protagonists of the promotion. In fact, not only Pinduoduo, but this year almost all major e-commerce platforms have collectively shifted. Taotian, JD.com, Douyin, and Kuaishou are almost no longer talking about 'low price,' but following Pinduoduo's lead, focusing on reducing merchant burdens and providing support, enhancing consumer experience through 'new-quality supply.' Pinduoduo Ignites Double 11 'Supply Revolution' The book 'The Tipping Point' proposed that popular phenomena are often driven by a few key factors; once ignited, they quickly resonate and are imitated. Understanding this makes it easy to see why e-commerce platforms have collectively shifted to new-quality supply. First, look at the current e-commerce and consumption environment. On the platform side, various shopping festivals have saturated attacks, and Double 11 has reached its 16th year. All available marketing methods have been used up, leaving few marketing cards to play for Double 11. On the consumer side, with internet information equality, the consumption concept 'It's not that I can't afford it, but XX is more cost-effective' has taken root. How to satisfy consumers who want both? The only way out is to innovate supply to enhance consumer experience. Everyone understands the principle, but it is not easy to achieve: merchants want to reduce costs while gaining more profits, consumers want to enjoy benefits and better experiences, and platforms must ensure both sides' experiences continue to improve. New-quality supply has become the solution to achieve a 'triple win' for merchants, consumers, and platforms. Pinduoduo was the first to ignite this round of 'supply revolution.' In August this year, Pinduoduo launched the 'Billion-Dollar Reduction' plan, announcing it would reduce merchants' transaction fees by 10 billion yuan over the next year, then lowered deposit and withdrawal thresholds, and exempted merchants from remote area logistics transfer fees, winning unanimous praise from merchants with 'real money.' In September, Pinduoduo continued to increase efforts, launching the 'New-Quality Merchant Billion-Dollar Support Plan': investing 10 billion yuan in resource packages over the next year, setting up special teams to go deep into 100 agricultural areas and industrial belts, providing full-chain support to new-quality merchants. By investing 'real money' to empower merchants to develop 'new-quality products' that are good and affordable, consumers and merchants benefit, and the platform's sustainable development is promoted. The 'impossible triangle' problem that has plagued e-commerce and Double 11 promotions is easily solved. With reduced operating costs, merchants have the space and confidence to innovate in products and technology, launch products with better quality-performance, and benefit consumers. Facts have proven that with new-quality supply, Bull and Bear Electric sold out in Pinduoduo's 'Super Double Subsidy' activity under the Billion-Dollar Subsidy program. Taking Bull as an example, its Pinduoduo store head said, 'Since the platform began returning promotion fee red packets in late August, we have received an estimated total of 500,000 to 600,000 yuan in red packets.' According to their internal tests, this reduced the cost per click for customers by 11%. As is well known, Double 11 originated from good brand supply. For example, in 2009, 27 brands including Li Ning, Lenovo, Philips, and Jack & Jones sold 50 million yuan. But as it developed, when sales became the most important indicator for e-commerce platforms, Double 11 fell into chaos with 'low price is king, traffic is supreme.' Now, Pinduoduo's solution of 'reduction + support' for merchants and focusing on new-quality supply has quickly resonated and been imitated by other platforms, and new-quality supply has given Double 11 a second spring. New-Quality Supply Let 'Good Products' Find the 'Right People' The biggest waste in the business world is the mismatch between supply and demand. For example, merchants may spend unnecessary costs to produce overpriced products because they don't understand user needs; consumers may pay a premium for product value they don't need because they can't find suitable products. New-quality supply aims to solve problems on both supply and demand sides, allowing merchants to reduce costs and increase efficiency, and consumers to buy quality-performance products, bringing a better consumption experience. Take Bull's five power strips exclusively for Pinduoduo as an example. They removed complex rounded corner processes and adjusted the cord length to 1.5 meters, slightly shorter than regular models. These changes reduced costs by 5% to 10% for the merchant and allowed consumers to spend less, without affecting the experience of purchasing users. For instance, a fixed power strip placed high up might only need 1.5 meters, and there's no need to worry about rounded corners causing bumps. This is the result of Pinduoduo's 'reduction + support' measures, which allow merchants to reduce operating costs to innovate in products and technology, bringing products with better quality-performance. But this alone is not enough; it is also necessary to let those who need it see and buy it. So Pinduoduo has a second step: using digital capabilities to help merchants precisely match demand, letting 'good products' find the 'right people.' For example, in August this year, after a raw edible egg product from CP Group was selected for the Billion-Dollar Subsidy, through Pinduoduo's precise matching, sales doubled in a short period to tens of thousands of boxes. After becoming a 'Super Double Subsidy' product during the promotion, daily sales reached a staggering 600,000. In fact, such cases are everywhere on Pinduoduo. In the beauty sector, emerging beauty brand INTO YOU, based on insights into Pinduoduo's core users aged 18-30, customized four new-quality products: fingertip, refractive, concentrated, and mist. In half a year, they grew 3 times compared to before, and its key product, velvet mirror lip glaze, achieved 200% sales growth with the help of platform activities like Billion-Dollar Subsidy and Ten-Thousand-Person Group. From the first round of promotion data, various new and old domestic brands achieved a good start on Pinduoduo for Double 11—in beauty and personal care, Kefumei and Proya saw sales increase 442% and 385% month-over-month, respectively; in home appliances, Dreame, Vidda TV, and Xiaomi TV saw sales increase 778%, 699%, and 164% month-over-month, respectively. The CP raw edible egg product, which has already sold millions of yuan, is expected to double its November sales... This also means that Pinduoduo, on one hand, uses 'reduction + support' to help merchants launch more quality-performance new-quality supply, and on the other hand, uses digitalization to help merchants precisely match demand. This has been verified in this round of promotion, truly allowing new-quality merchants to stand firm in the C-position of Double 11. This is bound to become an important turning point in the history of e-commerce—a new e-commerce era driven by new-quality merchants and new-quality supply has arrived.