The number of merchants that sold goods with a total value over RMB 100 million increased five times year-on-year on Xiaohongshu in the past year, the Instagram-like platform disclosed on its official WeChat account on Jan. 11, adding that sellers are increasingly seeing the lifestyle app as an additional place to do business as “new business models and scenarios” are being formed on Xiaohongshu. The platform also said it saw a 380% growth in merchants with an annual transaction size exceeding RMB 10 million, though it failed to reveal exact figures. As part of the announcement, Xiaohongshu posted its annual e-commerce year-end list, titled rise100, which listed “noteworthy merchants and buyers” based on multiple factors including merchants’ yearly business growth rate in 2023. The list features a flurry of China-made and niche foreign brands, demarcating the platform’s e-commerce focus from other mainstream retailers. [Xiaohongshu, in Chinese]
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