Tmall President Says Double 11 Can’t Return to Blanket 50% Discounts

This marks a structural shift in how China's largest shopping festival frames value: platform-wide discounting is being replaced by merchant-level pricing competition, which changes the economics for both sides of the marketplace. For brands, the pressure moves from absorbing a uniform markdown to defending their own price floors against rivals on the same shelf. Whether shoppers accept "year-lowest" as a substitute for the simplicity of blanket discounts is the open question, and it will shape how Tmall positions future editions.