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Back“Token” is on e-commerce shelves, what do you think?
“Token” is on e-commerce shelves, what do you think?
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中国新闻网19 minutes agoBusiness5 min readChinaView original

“Token” is on e-commerce shelves, what do you think?

Weekly Economic Review: Upgrading of consumption structure and transformation of new productivity in the AI era

Quick Look

  • During this year's "Double 11", large-model token products were hot-selling on e-commerce platforms such as JD.com and Tmall.
  • Sales of token packages in JD.com's 3C digital live broadcast room increased 20 times month-on-month, and Tmall's live broadcast room sold 2 trillion tokens in half an hour.
  • The article believes that this reflects the expansion of the consumption structure from physical goods to digital services and intelligent experiences, and is a reflection of the accelerated transformation of new productivity and the advantages of ultra-large-scale markets.

AI-generated summary

Why It Matters

The article cited official data and policies such as the National Bureau of Statistics, the Ministry of Commerce and the "Government Work Report", pointing out that in the first three quarters of this year, service retail sales increased by 5.0%, 4 percentage points higher than the retail sales of goods; sales of key platform smart glasses, exoskeleton boosters, and embodied intelligent robots increased by 1.1 times, 46.4%, and 22.6% respectively. The "Opinions of the General Office of the CPC Central Committee and the General Office of the State Council on Promoting the Deep Integration of Scientific and Technological Innovation and Industrial Innovation" proposed the comprehensive implementation of the "artificial intelligence +" action.

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During this year’s “Double 11”, new characters were added to the shopping cart. In addition to traditional commodities such as daily necessities and digital home appliances, invisible and intangible “Tokens” have also been put on e-commerce shelves, becoming new items that consumers are competing to place orders for.

JD.com data shows that during the two-hour live broadcast in JD.com’s 3C digital procurement and sales live broadcast room on November 2, the sales of large model Token package products increased 20 times month-on-month. Tmall data shows that on November 2, a Tmall live broadcast room set a sales record of 2 trillion Tokens in half an hour.

The presence of Token on the shelves is not only a vivid epitome of the accelerated integration of artificial intelligence into production and life, but also a clear footnote of the new and better development of China's economy.

Looking closer, this is a strong confirmation of the upgrading of the consumption structure.

In the past, "Double 11" was a display stage for physical goods. Today, the hot sales of Tokens reflect the profound changes in the consumption structure. From human-computer interaction with smart wearable devices to smart bodies assisting in daily office work, more and more consumer scenarios are being deeply integrated with artificial intelligence. Paying for Tokens is essentially paying for efficiency improvements, creative empowerment and smart services, reflecting the expansion of consumer demand from traditional physical goods to digital services and smart experiences.

Data from the National Bureau of Statistics show that in the first three quarters of this year, the total retail sales of consumer goods and services increased by 2.6% year-on-year. Among them, the retail sales of services increased by 5.0%, and the growth rate was 4 percentage points higher than the retail sales of goods. The structural highlights are particularly eye-catching. The Ministry of Commerce’s business big data shows that in the first three quarters, sales of smart glasses on key platforms increased by 1.1 times, sales of exoskeleton boosters increased by 46.4%, and sales of embodied intelligent robots increased by 22.6%.

In the era of artificial intelligence, when consumers are willing to pay for intelligent production and lifestyle, "Token hoarding" will naturally have a driving force. Extending from traditional consumption to smart consumption can not only meet the upgrading needs of consumers, but also expand the breadth and depth of expanding domestic demand.

Looking at the reality, this is a vivid practice of accelerating the transformation of new quality productive forces.

The subjects of "Token hoarding" include not only individuals, but also small, medium and micro enterprises. From software development to product design to later announcements, the application scenarios of artificial intelligence in small and medium-sized enterprises continue to expand. Behind this is the real economy's urgent desire for intelligent transformation, and it is also an inherent requirement to promote the transformation and upgrading of traditional industries and cultivate and strengthen new productive forces.

Against the background of the deep integration of technological innovation and industrial innovation, artificial intelligence is becoming a key force in reshaping the future development pattern. In the field of commercial circulation, intelligent product selection and multi-lingual real-time translation help improve the quality and efficiency of cross-border trade; in the production workshop, industrial quality inspection and supply chain scheduling are more accurate and efficient due to artificial intelligence. The purchase of Token by small and medium-sized enterprises shows that artificial intelligence is changing from an "optional" to a "required", and the digital transformation of thousands of industries is accelerating.

When large models move from the laboratory to the production line, computing power, like electricity in the industrial age, becomes an indispensable new production factor, injecting strong impetus into the conversion of old and new kinetic energy.

Looking deeper, this is a concentrated expression of the advantages of ultra-large-scale markets.

This year's "Government Work Report" proposed to "create a new form of smart economy." From the iteration of large artificial intelligence models on the research and development end to the widespread application on the production and consumer ends, China's ultra-large-scale market not only provides a broad experimental field for various new products and new business formats, but also provides abundant nutrients for the growth of new forms of smart economy.

The popularity of Tokens on “Double 11” is due to the huge number of users’ active embrace of intelligent production and lifestyle. The data is strong proof - China's average daily Token calls have increased from 100 billion in early 2024 to more than 140 trillion in March this year.

In the ultra-large-scale market, massive application scenarios can support rapid iteration of large models at lower costs, and the scale effect of the smart economy can be fully unleashed. The mutual stimulation of market advantages and innovation vitality has not only allowed computing power services to move from enterprise exclusive to mass popularization, but also built my country's new competitive advantages in the era of artificial intelligence.

Of course, putting Token on the shelves is just the starting point. How to improve security management and improve after-sales services to make smart consumption truly universally accessible still requires joint efforts from all parties.

In October this year, the "Opinions on Promoting the Deep Integration of Scientific and Technological Innovation and Industrial Innovation" issued by the General Office of the CPC Central Committee and the State Council proposed to fully implement the "artificial intelligence +" action and promote the all-round empowerment of artificial intelligence in thousands of industries. At present, although "token hoarding" has not yet become a common phenomenon, it shows a new trend of booming smart consumption. As artificial intelligence technology continues to mature and application scenarios continue to expand, the trickles have merged into a river and a sea, injecting a steady stream of new momentum into the high-quality development of China's economy.

What to Watch

AI outlook — possibilities, not facts

  • Smart consumption will continue to expand, with more consumption scenarios deeply integrated with artificial intelligence

    Likely · Within months

  • Artificial intelligence application scenarios for small, medium and micro enterprises will continue to expand

    Likely · Within months

Open Questions

  • What are the specific selling prices and purchase thresholds for Token products?
  • How to improve the after-sales service and security governance mechanism for Token consumption?
  • What are the specific application scenarios and effects of Token purchases by small, medium and micro enterprises?

Related Topics

This article was originally published by 中国新闻网.

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