The Singles Day shopping festival, China's version of Black Friday, is approaching, and this year is marked by a shift towards simplicity, in contrast to the complex pre-sale activities of previous years.
The only theme really, if it can be called that, is "low prices."
It’s very far from the proverbial rocket science, but it’s taken McKinsey to come up with a counter-intuitive discovery only half of the customers who compare prices across platforms opt for the lowest price.
JD.com has been on a low-price strategy all year and intends to cut prices of over 800 million items. Customers will be eligible for refunds if they find the same products at lower prices elsewhere. It’s not exactly cutting-edge marketing.
Pinduoduo, already the cheapest around, has not unveiled its plans yet. But given its track record, something’s cooking.
