CHEERS e-Mall GMV Reaches RMB330 Million, a New Record High during the 2021 11.11 Shopping Festival
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."
About Glory Star New Media Group Holdings Limited
Glory Star New Media Group Holdings Limited is a leading digital media platform and content-driven e-commerce company in China. Glory Star's ability to integrate premium lifestyle content, including short videos, online variety shows, online dramas, live streaming, its Cheers lifestyle video series, e-Mall, and mobile app, along with innovative e-commerce offerings on its platform enables it to pursue its mission of enriching people's lives. The Company's large and active user base creates valuable engagement opportunities with consumers and enhances platform stickiness with thousands of domestic and international brands.
Safe Harbor Statement
Certain statements made in this release are "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should," "future," "propose" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, are: the ability to manage growth; ability to identify and integrate other future acquisitions; ability to obtain additional financing in the future to fund capital expenditures; fluctuations in general economic and business conditions; costs or other factors adversely affecting the Company's profitability; litigation involving patents, intellectual property, and other matters; potential changes in the legislative and regulatory environment; a pandemic or epidemic; the occurrence of any event, change or other circumstances that could affect the Company's ability in developing a new cross-border e-commerce business; the ability of the Company to successfully expand and promote its CHEERS e-Mall platform services; costs related to the proposed development of the Company's proposed cross-border e-commerce business; costs related to the expansion and promotion of the Company's CHEERS e-Mall platform services; the possibility that the Company may not succeed in developing a cross-border e-commerce business due to, among other things, changes in the business environment, competition or other economic and policy factors; and the possibility that the proposed cross-border e-commerce business may be adversely affected by other economic, business, and/or competitive factors. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in the Company's filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 20-F filed with the SEC on March 29, 2021, as amended. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Such information speaks only as of the date of this release.
Glory Star New Media Group Holdings Limited
Tel: +1 (646) 308-0546