As we reflect on the recent Year End sales fever, unlike the West, where Black Friday and Cyber Monday reign supreme, it appears that the allure of Double 11 is still the primary focus for Asia buyers. However, there’s a noticeable shift in dynamics, with media reports suggesting a reduction in extravagant sales compared to previous years.
Shopee experienced a slight dip in sales during its year-end birthday celebration, a trend attributed to the platform’s substantial investment in Double 11. Coupled with the allure of offline shopping during the festive season, this decline doesn’t come as a surprise.
Meanwhile, TikTok has seen a modest increase in sales, aligning with the ongoing surge in social commerce. The next milestone for TikTok reaching the 1 billion sales mark would be expected around February 2024.
As we set our sights on 2024, notable adjustments are on the horizon. Shopee is revamping its fee calculation strategy, opting to no longer subsidize vouchers or coins. You can access to our Shopee Reference Calculator here as a guide. Similarly, TikTok is discontinuing the provision of free commission fees for its shop marketplace.
All in all, Here’s to a prosperous 2024 and a year filled with successful sales endeavors! See you next month.
