This year's video account 618 incentive plan is late

This article deeply analyzes the 2024 Video Account 618 Incentive Plan, reveals how Tencent promotes the close relationship between merchants and users through strategic adjustments and traffic support, and how to seek differentiated development in the fierce e-commerce competition. Read this article to understand how Video Account has become the new favorite of merchants' private domain operations, and hope it will help you grasp the e-commerce trend.

As the end of May approaches, the Video Account 618 incentive plan that merchants have been looking forward to is finally here!

This year, Video Account was frequently mentioned in Tencent's financial reports and internal meetings, showing Tencent's high attention and expectations for this platform. As Tencent's strategic layout in the field of short videos and live broadcasts, Video Account is seen as an important tool for building close relationships with users.

This year's 618 is also very different. As soon as the news of the cancellation of pre-sales on many platforms came out, merchants in various channels began to rush in early. Many brands told Jianshi that this year's 618 had many ups and downs (extended reading: this year's 618 has a bit more tragic color), and private domain is the best way to break the deadlock. As the most favored operating platform by private domain departments, Video Account will become one of the main battlefields for major merchants to fight on 618 this year, and the various "supplies" provided by the official are worth a look.

1. Video accounts seize the opportunity of overwhelming wealth

Jianshi compared the 618 incentive plan for Video Account this year and last year (2023), and there was only one result: Video Account suffered a heavy loss!

Image from WeChat official

First, in terms of traffic support, the total amount of incentives for video account reservations and coupons in 2023 is 75,000 traffic coupons. This year, not only has it been upgraded to an e-commerce growth card, the total amount has soared to 300,000, and you can directly get a 10,000-point e-commerce growth card.

The picture is from WeChat official. The left picture shows the content of the 2023 incentive plan, and the right picture shows the content of the 2024 incentive plan.

Second, time is tighter and competition is more intense. The statistical deadline for this appointment coupon incentive plan has been advanced from May 31, 2023 to May 30.

With such huge traffic support and extremely compressed time, merchants will inevitably compete internally, but at the same time, it will also test the merchants' preheating ability. Such a fast and fierce video account will attract more brand merchants to settle in.

Third, there is a requirement for further relaxation of the GMV target task incentive policy.

The GMV indicator of Video Account in 2023 is defined as: the actual settlement order amount after payment is completed in a single Video Account live broadcast room window and the user has not applied for a refund.

This year, the definition has been further relaxed to: the actual settlement order amount when users complete order payment in the video account store during the event and the users have not applied for a refund.

Although the upper limit of the reward has been reduced from 950,000 traffic coupons in 2023 to 600,000 e-commerce growth cards, the rules have been relaxed to make it easier for merchants to get the highest rewards.

This year, merchants can participate in two or more platform activities that include e-commerce growth card incentives at the same time. The incentive amount of the e-commerce growth card will be based on the activity with the highest incentive intensity that meets the conditions of the account and will not be issued repeatedly.

Fourth, the 618 incentive plan has cancelled the traffic incentive policy for the previous video account content publishing 618-related topics, and this event does not include catering and hotel travel. Registration requires that the merchant store and influencer sales ratings are both greater than or equal to 4.2, and the freight insurance activation and signing must be completed. The requirements are stricter than last year.

2. 618 policies of other platforms

Taobao

This year, 618 was linked to Tmall, and the following policies were released: 300-50 off for purchases over 618, and orders can be combined with Tmall; and 15% off for instant discounts. In addition, the phenomenon of price increase followed by price reduction was strictly regulated, and merchants were required to keep the activity price/post-inclusive coupon price of their products lower than the lowest price within a fixed period of time.

JD.com

This year, we will simultaneously launch a 10 billion subsidy day event, and will successively launch themed events such as 9.9 Free Shipping Day, Super Live Broadcast Day, PLUS Membership Day, etc. on June 2/3/8.

In addition, JD.com will continue to build its "low price, high quality" marketing perception through services such as free door-to-door returns and exchanges, old for new, one-stop delivery and installation, worry-free for allergies, refunds if you don't like the food, 30-day price guarantee for many products, and refunds for overpriced purchases during this year's 618.

At the same time, merchants can participate in cross-store discounts of 300-50 yuan: the maximum discount is capped at 40,000 yuan.

Pinduoduo

During the 618 period this year, merchants can participate in cross-store discount activities: you can sign up at the normal price, 300-50 (new short-term promotion), 200-30, 100-15, 10-1, covering more discounts and price ranges.

The first 30 pieces are limited in quantity: the venue time is from 20:00 on May 31st to 24:00 on June 1st. All categories (except virtual) are open for registration. The lowest price on the entire network must be 20/8/9% off and the limited inventory must start from 30 pieces. After registration, you can get traffic support for the main venue.

Mixed investment coupons, 1:1 platform subsidy: register at the normal price, with a maximum discount of 15%, and a maximum of 30% off coupons can be issued together; register at the lowest price on the entire network, with a maximum discount of 5%, and a maximum of 10% off coupons can be issued together.

At the same time, Pinduoduo will also provide corresponding traffic support to merchants participating in the event, as follows:

Tik Tok

During this year's 618, we launched official instant discounts, direct price reductions, great value purchases, big-brand trials, and innovative merchant task competitions, helping merchants and users sell their products through traffic distribution, platform subsidies, and marketing promotions.

Little Red Book

During the 618 period this year, the focus will be on developing live streaming, especially store streaming. Merchants will be evaluated through indicators such as broadcast duration, frequency, and transaction volume, and given certain traffic support and platform subsidy incentives.

At the same time, the store broadcast star plan was released: an exclusive incentive policy for new merchants who have not yet started live broadcasting. After completing the tasks, they can get corresponding traffic quota coupons. This is to attract new stores to start live broadcasting sales.

In addition, if you conduct live streaming promotion during the event, the official will return coupons. The more you invest, the more you get back, up to 50% of the consumption amount can be returned in coupons, which can be used for live streaming promotion during the 618 promotion.

3. Video accounts do not engage in price wars

Looking at the 618 incentive plans of other platforms, we will find an interesting phenomenon: other platforms are all inflating prices and reducing the selling prices of goods as much as possible through various official subsidies.

However, Video Account chose a different path in the 618 incentive plan - not engaging in price wars.

The strategic focus of Video Account is to enhance the platform value and improve service quality, rather than simply compete on price.

Video accounts increase traffic support and optimize the business growth environment, encouraging businesses to increase exposure and revenue by improving sales and service quality. The adjusted incentive plan relaxes the definition of GMV target tasks, allowing all user order payments during the event to be included in the rewards, alleviating the pressure of low-price competition on businesses.

In addition, Video Account has raised the threshold for participating in the incentive program, requiring merchants and influencers to have a sales rating of 4.2 or above and sign up for freight insurance. This shows that Video Account focuses on improving user experience and protecting consumer rights.

Compared with other platforms, the strategy of Video Account sends a signal of building a healthy and sustainable e-commerce ecosystem, attracting merchants seeking long-term cooperation through differentiated competition. This strategy helps merchants build brand loyalty and attract customers by relying on product quality and service level, which is crucial to the long-term development of the brand.

Video Account's 618 incentive plan reflects its deep understanding and long-term planning of the e-commerce ecosystem, and is committed to creating a healthy and attractive platform environment that is conducive to the growth of merchants and the improvement of consumer experience. Although it may not produce explosive growth in the short term, in the long run, it will help Video Account consolidate its market position.

Author: See the truth

Source: WeChat public account "Jianshi (ID: jianshishijie)"