The first large-scale incentive after the WeChat Store name change is here

After changing its name to Video Store, WeChat Store launched its first large-scale incentive plan to prepare for the upcoming Double 11 Shopping Festival. This strategy not only shows WeChat Store's determination to participate in e-commerce competition, but may also bring new growth opportunities to merchants. As Double 11 approaches, this move by WeChat Store has undoubtedly brought new topics and expectations to the e-commerce field.

Recently (October 12), WeChat Store officially released the "WeChat Store 11.11 Good Products Festival Event Incentive Plan", which aims to help merchants achieve their transaction goals. Merchant influencers can receive incentives after successfully registering and starting broadcasts during the event and meeting the threshold.

Although this incentive plan is late compared to other platforms, as a newly renamed WeChat store that chose to get involved in the Double Eleven competition, we can also feel the ambition and determination of the store.

In this incentive plan, the focus is on the distribution incentives for influencers. As a live-streaming anchor, if the accumulated transaction data meets the corresponding target threshold and complies with the activity requirements, the anchor can obtain the corresponding e-commerce growth card incentive after the activity ends.

Interestingly, on the same day, Douyin also fully upgraded the new influencer exclusive marketing function for merchants, that is, the same product + different channels + different prices at the same time. Both platforms simultaneously focused on the influencer distribution function during this Double 11. After the decline of top influencers was verified during 618, it seems that the platforms are looking for new influencer sales channels, just like today.

Back to the incentive plan, let’s take a look at what incentives WeChat Stores bring:

01Incentive content

The incentive will be available from 20:00 on October 31, 2024 to 23:59 on November 11, 2024 (a total of 12 days). There are three main types of incentives in the WeChat Store incentive plan.

1. GMV target task incentives

Participants: Qualified anchors and merchants.

A video account that has activated the showcase function and the permission to share live product information, meets the conditions for starting a video account, and chooses the "Shopping" category to start broadcasting is called an "anchor."

WeChat store merchants, after meeting the requirements and registering for this event, their associated video account will participate in this event as an anchor.

During the event, the anchor chooses the "Shopping" category to broadcast as a live broadcaster. If the cumulative transaction data meets the corresponding target threshold and complies with the event requirements, the corresponding e-commerce growth card incentive will be obtained after the event.

The ratio of the cumulative settlement GMV threshold to the e-commerce growth card is 1:1%, that is, for every cumulative settlement GMV of RMB 10,000, the anchor can obtain 100 points of e-commerce growth card.

It should be noted that the scope of settlement GMV statistics is limited to the settlement GMV generated by the video account associated with the WeChat store selling the WeChat store products, and does not include products from the preferred alliance or third parties. In addition, the e-commerce growth card incentive will be issued to the video account of the order source, and each video account will be counted independently.

In addition, the statistical scope of settlement GMV is limited to the settlement GMV generated by the distribution of preferred alliance products, and does not include the self-operated products of the associated stores of the influencer’s identity account.

2. A cross-store discount incentive of 5 yuan off for every 50 yuan spent

Merchants with a WeChat store rating of ≥4.4 can start this activity. After the activity is started, users can reduce the amount when they meet the conditions when participating in the merchant’s store or cross-store transactions; the technical service fee rate for participating products is reduced to 1%.

Note: The merchant cannot obtain corresponding cash income for the transaction amount that is reduced by the user, that is, the merchant is responsible for the profit concession.

3. 11.11 Main Venue Exhibition

During the event, anchors, live broadcast rooms, and merchants who participate in the 11.11 Good Goods Festival and meet the basic conditions will have the opportunity to display their products at the main venue. The system will automatically calculate the content to be displayed at the main venue based on comprehensive data such as live broadcast room transactions, live broadcast room viewers, number of people who have booked live broadcasts, products participating in cross-store discounts, and whether the cover has been submitted.

It should be noted that no matter what kind of incentive, you need to select the [Video Account Live-Shopping] category, and the live broadcast content must be content with goods. You also need to prepare attractive live broadcast content, with a single live broadcast duration of ≥4 hours and ≥3 products explained.

02 Expert distribution is valued again

The first GMV target task incentive of WeChat Stores emphasized the content of expert distribution, and mentioned that a single anchor account can receive up to 600,000 e-commerce growth card incentives for achieving the above GMV target.

It is more like a deliberate emphasis on encouraging influencers and merchants to cooperate more, with the intention of encouraging influencers to be more active and contribute more to merchants and platforms during Double Eleven.

In the past, before the WeChat Store was renamed, Video Store had introduced the role of distributors in detail, emphasizing the importance of distribution for merchants. This time, the intention is to increase the enthusiasm of the influencers. Through the influencers, the overall revenue of merchants will be driven, so that more merchants are willing to join this big plate.

The timing of this update is just right. In the early stage of Double Eleven, there will be many excellent influencers, which will have a good attraction effect on merchants. Once the influencer cases come out, more influencers will flock in.

Although this incentive is limited to the GMV generated during the live broadcast, it does not affect the public-private domain linkage of WeChat stores. When the anchor attracts more users to watch through the public-private domain dual linkage, the linkage may produce a 1+1>2 effect.

Coincidentally, Douyin also launched the newly upgraded expert-exclusive marketing tool in time before Double Eleven. The expert-exclusive discounted products set up by merchants with tool creation and activity management permissions through the expert-exclusive marketing tool will be exposed on multiple channels such as live broadcasts, short videos, display windows, search product cards, and various guess-you-like product cards.

Judging from the performance of 618, the trend of decentralization of top influencers on various platforms is very obvious. However, many "common people" influencers have also emerged in this 618, and some are even little-known influencers.

Therefore, influencer distribution is still an important channel for merchants. After removing the super head, the platforms began to focus more on other influencers, which is one of the reasons why many platforms mentioned influencer distribution.