Glory Star New Media Group Holdings Limited (NASDAQ: GSMG) (“Glory Star” or the “Company”), a leading digital media platform and content-driven e-commerce company in China, today announced that the Company achieved record-breaking results during the 2021 11.11 Shopping Festival (the “Shopping Festival”). Gross merchandise value (“GMV”) of the Company’s CHEERS e-Mall online e-commerce platform grew by 136% year over year during the 2011 Shopping Festival to RMB330 million.
Ahead of the 2021 Shopping Festival, CHEERS e-Mall streamlined its operating procedures to cater to young users’ shopping preferences. During the Shopping Festival, in close cooperation with brands and merchants on the CHEERS e-Mall platform, the Company delivered consumers with an enjoyable shopping experience and provided a variety of shopper incentives, including coupons, limited-time offers, preferential prices for first-time buyers, and group purchase discounts.
Highlights from the 2021 11.11 Shopping Festival
- The number of proprietary stock keeping units (“SKU”) on CHEERS e-Mall increased to over 56,000.
- For this year’s Shopping Festival, the Company added more than 100 renowned and high-quality domestic and foreign brands, including Moutai, Wuliangye, Mengniu, Haier, Chanel, Armani, SK-II, and more.
- According to data from Glory Star, Guangdong, Hubei, Beijing, Zhejiang, Jiangsu, Shanghai, Henan, Shandong, Hebei, and Liaoning were the top ten regions in terms of transaction volume. Meanwhile, as a percentage of total GMV, GMV generated in third- and lower-tier cities exceeded 36%.
- According to data from Glory Star, both the purchase frequency and per-customer transaction value of CHEERS e-Mall’s users increased substantially over the previous year.
As a rapidly growing content-driven e-commerce platform, CHEERS e-Mall has sustained its robust growth trajectory. As of October 31, 2021, total downloads of the CHEERS e-Mall app exceeded 9 million, and its monthly active users surpassed 2 million. GMV of the CHEERS e-Mall grew from US$19 million in full year 2019 to US$132 million in full year 2020, and further increased to US$181 million in the first six months of 2021.
Mr. Bing Zhang, Chairman and Chief Executive Officer of Glory Star, commented, “We have been continuously refining CHEERS e-Mall platform’s operating strategy, increasing its SKU quantity, and expanding its product variety since April of this year, when the platform started operating independently from the CHEERS video application. Since then, we have been enhancing shopper experiences and increasing user stickiness, as evidenced by a significant growth in time spent, repurchase rate, and per-customer transaction value on the CHEERS e-Mall platform. Going forward, we will continue to strengthen our cooperation with merchants in more innovative ways. We remain committed to providing our users with a greater selection of high-quality merchandise at the most competitive prices, while delivering more convenient and comprehensive services.”
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