On November 11, 2023, during an annual e-commerce shopping promotion known as Double 11, major online platforms including Taobao & Tmall Group, JD.com and short-video site Douyin engaged in a fierce price war. First started by Taobao in 2009, the shopping spree has evolved. Emerging competitors like Douyin, Pinduoduo and Xiaohongshu alongside Tmall and JD.com intensified the rivalry for contracted small and medium suppliers. Their dynamic competition has impacted upstream manufacturers, compelling them to enhance efficiency to cut costs. Experts predict that the ongoing price wars, extending the effect of the Double 11 promotion, will prompt a new phase of industrial upgrading with the improvement of products’ cost performances. Meanwhile, in the catering industry, the price war acts as a double-edged sword, with customers enjoying constant discount coupons from e-platforms, despite thin profit margins for the restaurants involved.
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