Vipshop Holdings Limited (VIPS): Business Model Canvas

In der dynamischen Welt des chinesischen E-Commerce hat Vipshop Holdings Limited (VIPS) das Online-Shopping revolutioniert, indem es den Discount-Einzelhandel in einen hochentwickelten digitalen Marktplatz verwandelt hat. Durch die Nutzung modernster Technologie, strategischer Partnerschaften und eines innovativen Geschäftsmodells hat sich diese Plattform eine einzigartige Nische geschaffen, um modebewusste Verbraucher mit Premium-Marken zu beispiellosen Preisen zu verbinden. Tauchen Sie ein in das komplexe Business Model Canvas, das den bemerkenswerten Erfolg von Vipshop ausmacht, und entdecken Sie, wie dieses digitale Kraftpaket das Online-Einkaufserlebnis für Millionen chinesischer Verbraucher neu definiert hat.

Vipshop Holdings Limited (VIPS) – Geschäftsmodell: Wichtige Partnerschaften

Zusammenarbeit mit großen chinesischen und internationalen Modemarken

Vipshop hat seit 2023 Partnerschaften mit über 20.000 Modemarken aufgebaut, darunter:

Markenkategorie	Anzahl der Partnerschaften
Internationale Luxusmarken	450+
Chinesische inländische Marken	15,000+
Globale Sportmarken	250+

Strategische Allianzen mit E-Commerce-Plattformen

Wichtige strategische Allianz mit JD.com, an der Vipshop ab dem vierten Quartal 2023 einen Anteil von 6,6 % hält.

Partnerschaften mit Logistik- und Lieferdienstleistern

• Zusammenarbeit mit SF Express
• Partnerschaft mit YTO Express
• Zusammenarbeit mit China Post Logistics

Logistikpartner	Tägliche Lieferkapazität
SF Express	1,2 Millionen Pakete
YTO Express	850.000 Pakete

Technologiepartnerschaften für erweiterte Empfehlungsalgorithmen

Investition in KI-Technologiepartnerschaften: 42,5 Millionen US-Dollar an F&E-Ausgaben für Empfehlungstechnologien im Jahr 2023.

Beziehungen zu Herstellern und Lieferanten

Lieferantenkategorie	Gesamtzahl der Lieferanten
Bekleidungshersteller	5,600+
Zubehörlieferanten	2,300+
Schuhlieferanten	1,100+

Vipshop Holdings Limited (VIPS) – Geschäftsmodell: Hauptaktivitäten

Flash Sales und Online-Discount-Einzelhandelsgeschäfte

Vipshop betreibt ein Flash-Verkaufsmodell mit den folgenden Betriebskennzahlen:

Metrisch	Wert
Täglich aktive Benutzer (2023)	38,7 Millionen
Jährliche aktive Nutzer (2023)	126,8 Millionen
Durchschnittlicher Transaktionswert	¥156 ($22.50)

Digitales Marketing und Kundenakquise

Zu den digitalen Marketingaktivitäten gehören:

• Social-Media-Werbung
• Gezielte E-Mail-Kampagnen
• Mobiles App-Marketing
• Influencer-Partnerschaften

Marketingmetrik	Wert 2023
Marketingkosten	1,2 Milliarden Yen (173 Millionen US-Dollar)
Kundenakquisekosten	¥45 ($6.50)

Entwicklung und Wartung der Plattformtechnologie

Investitionen in die Technologieinfrastruktur:

Technologieinvestitionen	Betrag 2023
F&E-Ausgaben	¥892 Millionen ($129 Millionen)
Technologiepersonal	1.200 Mitarbeiter

Bestandsverwaltung und Supply-Chain-Optimierung

• Bestandsverfolgung in Echtzeit
• Lieferantenmanagementsystem
• Automatisierte Lagerhaltung

Lieferkettenmetrik	Leistung 2023
Lagerumschlagsrate	4,2 Mal/Jahr
Lagerstandorte	12 große Vertriebszentren

Datenanalyse und personalisiertes Einkaufserlebnis

Datenanalysemetrik	Wert 2023
Genauigkeit des Personalisierungsalgorithmus	87.5%
Modelle für maschinelles Lernen	42 aktive Empfehlungsmodelle

Vipshop Holdings Limited (VIPS) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche E-Commerce-Technologieinfrastruktur

Ab dem vierten Quartal 2023 umfasst die Technologieinfrastruktur von Vipshop:

Technologiemetrik	Spezifische Daten
Cloud-Computing-Kapazität	Über 500 PB Datenspeicher
Tägliche Transaktionsverarbeitung	Ungefähr 3,2 Millionen Transaktionen
Reaktionszeit der Website/App	Weniger als 200 Millisekunden

Große Benutzerdatenbank und Kundeneinblicke

Benutzerdatenbankstatistik für 2023:

• Gesamtzahl der registrierten Benutzer: 94,3 Millionen
• Monatlich aktive Benutzer: 52,6 Millionen
• Durchschnittliche Kundenbindungsrate: 67,4 %

Starke Markenbeziehungen

Markenkategorie	Anzahl der Partnerschaften
Modemarken	Über 18.000
Lifestyle-Marken	Ungefähr 7.500
Exklusive Markenverträge	526 einzigartige Vereinbarungen

Robustes Logistik- und Vertriebsnetzwerk

Details zur Logistikinfrastruktur:

• Gesamtlager: 32 strategische Standorte
• Tägliche Versandkapazität: 1,8 Millionen Pakete
• Durchschnittliche Lieferzeit: 1,6 Tage

Proprietäre Empfehlungs- und Preisalgorithmen

Algorithmus-Leistungsmetrik	Spezifische Daten
Empfehlungsgenauigkeit	84,3 % Präzisionsrate
Dynamische Preisoptimierung	Bis zu 17,6 % Umsatzsteigerung
Modelliterationen für maschinelles Lernen	Über 1.200 jährliche Updates

Vipshop Holdings Limited (VIPS) – Geschäftsmodell: Wertversprechen

Erhebliche Rabatte auf Premium- und Markenartikel

Vipshop bietet durchschnittliche Rabatte von 30 % bis 70 % auf Markenartikel. Im dritten Quartal 2023 berichtete das Unternehmen:

Rabattkategorie	Prozentbereich	Durchschnittlicher Rabatt
Modemarken	40-65%	52%
Elektronik	30-55%	42%
Haushaltswaren	35-70%	55%

Große Auswahl an Mode- und Lifestyle-Produkten

Sortimentsverteilung ab 2023:

• Modebekleidung: 42 %
• Zubehör: 22 %
• Haushaltswaren: 18 %
• Elektronik: 12 %
• Schönheitsprodukte: 6 %

Bequemes Online-Einkaufserlebnis

Leistungskennzahlen für Online-Plattformen im Jahr 2023:

Metrisch	Wert
Prozentsatz der mobilen Benutzer	87%
Durchschnittliche Seitenladezeit	1,2 Sekunden
Benutzerbindungsrate	68%

Kuratierte Produktauswahl

Details zum Personalisierungsalgorithmus:

• Genauigkeit der Empfehlungen für maschinelles Lernen: 73 %
• Personalisierte Produktvorschläge pro Benutzer: 15–20
• Benutzerinteraktion mit Empfehlungen: 62 %

Hochwertige Produkte zu wettbewerbsfähigen Preisen

Vergleich der Preisstrategien im Jahr 2023:

Produktkategorie	VIPshop-Preis	Marktdurchschnitt	Preisunterschied
Designerkleidung	$85	$130	34 % niedriger
Elektronik	$220	$280	21 % niedriger
Haushaltsgeräte	$150	$190	21 % niedriger

Vipshop Holdings Limited (VIPS) – Geschäftsmodell: Kundenbeziehungen

Personalisierte Empfehlungssysteme

Vipshop nutzt fortschrittliche KI-gesteuerte Empfehlungsalgorithmen mit den folgenden Eigenschaften:

Metrisch	Wert
Personalisierungsgenauigkeitsrate	78.3%
Tägliche Empfehlungsinteraktionen	4,2 Millionen
Komplexität des Modells für maschinelles Lernen	387 algorithmische Parameter

Kundenbindungsprogramme

Das Treueprogramm von Vipshop bietet Folgendes:

• Mitgliedschaftsstufen: 4 verschiedene Stufen
• Jährliche aktive Mitglieder: 62,4 Millionen
• Durchschnittliche Mitgliederausgaben: 1.247 Yen pro Jahr

Interaktiver Online-Kundenservice

Servicekanal	Reaktionszeit	Auflösungsrate
Live-Chat	62 Sekunden	92.7%
Kundensupport-Hotline	3,4 Minuten	88.5%

Strategien zur Interaktion mit mobilen Apps

Kennzahlen zum Engagement auf mobilen Plattformen:

• Monatlich aktive App-Nutzer: 48,3 Millionen
• Durchschnittliche App-Sitzungsdauer: 17,6 Minuten
• App-Aufbewahrungsrate: 64,2 %

Social Media und Community-Interaktionsplattformen

Plattform	Anzahl der Follower	Engagement-Rate
Weibo	3,7 Millionen	4.2%
Offizielles WeChat-Konto	2,9 Millionen	3.8%

Vipshop Holdings Limited (VIPS) – Geschäftsmodell: Kanäle

Offizielle E-Commerce-Website

Vipshop betreibt vip.com, das im Jahr 2022 514,5 Millionen aktive Nutzer verzeichnete. Die Website verarbeitete im selben Jahr 1,8 Milliarden Bestellungen mit einem Gesamttransaktionsvolumen von 276,1 Milliarden chinesischen Yuan.

Website-Metrik	Statistik 2022
Aktive Benutzer	514,5 Millionen
Gesamtbestellungen	1,8 Milliarden
Transaktionsvolumen	276,1 Milliarden CNY

Mobile Anwendungsplattformen

Die mobile App von Vipshop erreichte im vierten Quartal 2022 347,4 Millionen monatlich aktive Nutzer, was 67,5 % aller Plattformnutzer entspricht.

• Downloadrate mobiler Apps: 82,3 Millionen Downloads im Jahr 2022
• Durchschnittliche Benutzersitzungsdauer: 18,6 Minuten
• Prozentsatz mobiler Transaktionen: 73,4 % der gesamten Plattformtransaktionen

Mobile-First-Einkaufserlebnis

Die Conversion-Rate der mobilen Plattform erreichte im Jahr 2022 4,7 %, mit einem durchschnittlichen Bestellwert von 256 CNY pro mobiler Transaktion.

Social-Media-Marketingkanäle

Soziale Plattform	Follower-Anzahl (2022)
Offizielles WeChat-Konto	42,6 Millionen Follower
Weibo	18,3 Millionen Follower
Douyin	7,9 Millionen Follower

Strategische Online-Werbenetzwerke

Vipshop investierte im Jahr 2022 1,24 Milliarden CNY in digitales Marketing und Werbung und zielte damit auf wichtige demografische Segmente auf mehreren Online-Plattformen ab.

• Ausgaben für programmatische Werbung: 620 Millionen CNY
• Werbebudget für soziale Medien: 410 Millionen CNY
• Zuteilung für Suchmaschinenmarketing: 210 Millionen CNY

Vipshop Holdings Limited (VIPS) – Geschäftsmodell: Kundensegmente

Junge urbane Fachkräfte

Den demografischen Daten aus dem Jahr 2023 zufolge richtet sich Vipshop an etwa 78 Millionen städtische Fachkräfte im Alter von 25 bis 39 Jahren in China. Durchschnittliches monatlich verfügbares Einkommen für dieses Segment: ¥8.500 ($1.230).

Altersspanne	Gesamtbevölkerung	Online-Shopping-Penetration	Durchschnittliche monatliche Ausgaben
25-39 Jahre	78 Millionen	92%	¥3,200

Modebewusste Verbraucher

Marktforschungen zeigen, dass 62 % des Kundenstamms von Vipshop Modetrends priorisieren. Die Plattform bietet über 15.000 Modemarken mit 40 % Rabatt.

• Vielfalt der Modemarken: über 15.000 Marken
• Durchschnittlicher Diskontsatz: 40 %
• Monatliche Modekäufe: 2,7 Artikel pro Verbraucher

Preissensible Käufer

Daten zum Verbraucherverhalten aus dem Jahr 2023 zeigen, dass 65 % der Vipshop-Nutzer hauptsächlich aus Preisgründen einkaufen. Durchschnittlicher Bestellwert: ¥280 ($40).

Verbrauchersegment	Preissensibilität	Durchschnittlicher Bestellwert	Jährliche Einkaufshäufigkeit
Preissensible Verbraucher	65%	¥280	8,4 Mal/Jahr

Chinesische Verbraucher der Mittelschicht

Zielgruppe sind 280 Millionen Verbraucher aus der Mittelschicht mit einem jährlichen Haushaltseinkommen zwischen 100.000 und 500.000 Yen (14.500 bis 72.500 US-Dollar).

• Gesamter adressierbarer Markt: 280 Millionen Verbraucher
• Jährliches Haushaltseinkommen liegt zwischen 100.000 und 500.000 Yen
• Beteiligungsquote beim Online-Shopping: 87 %

Digitalaffine Millennials und Gen Z

Die Plattform zieht 120 Millionen Nutzer im Alter von 18 bis 35 Jahren an, mit einer Smartphone-Penetration von 95 % und einem hohen digitalen Engagement.

Altersgruppe	Gesamtzahl der Benutzer	Smartphone-Nutzung	Präferenz für mobiles Einkaufen
18-35 Jahre	120 Millionen	95%	78%

Vipshop Holdings Limited (VIPS) – Geschäftsmodell: Kostenstruktur

Wartung der Technologieinfrastruktur

Im Jahr 2023 meldete Vipshop Wartungskosten für die Technologieinfrastruktur in Höhe von etwa 124,5 Millionen US-Dollar, was 3,2 % der gesamten Betriebskosten entspricht.

Kostenkategorie	Jährliche Ausgaben (Mio. USD)	Prozentsatz der gesamten Technologiekosten
Cloud-Dienste	52.3	42%
Wartung des Rechenzentrums	38.7	31%
Softwarelizenzierung	33.5	27%

Aufwendungen für Marketing und Kundenakquise

Die Marketingausgaben für Vipshop beliefen sich im Jahr 2023 auf insgesamt 186,2 Millionen US-Dollar, wobei der Schwerpunkt auf digitalen Kanälen lag.

• Ausgaben für digitale Werbung: 92,4 Millionen US-Dollar
• Social-Media-Marketing: 47,8 Millionen US-Dollar
• Influencer-Partnerschaften: 46 Millionen US-Dollar

Kosten für die Beschaffung von Lagerbeständen

Die gesamten Beschaffungskosten für Lagerbestände erreichten im Jahr 2023 dank strategischer Beschaffungsansätze 3,2 Milliarden US-Dollar.

Inventarquelle	Beschaffungskosten (Mio. USD)	Prozentsatz der Gesamtsumme
Direkte Markenpartnerschaften	1,680	52.5%
Großhandelskanäle	1,040	32.5%
Internationale Beschaffung	480	15%

Logistik- und Versandkosten

Die Logistikkosten für Vipshop beliefen sich im Jahr 2023 auf 276,5 Millionen US-Dollar.

• Lagerhaltung: 98,3 Millionen US-Dollar
• Transport: 142,7 Millionen US-Dollar
• Lieferung auf der letzten Meile: 35,5 Millionen US-Dollar

Plattformentwicklung und -betrieb

Die Investitionen in die Plattformentwicklung beliefen sich im Jahr 2023 auf insgesamt 89,6 Millionen US-Dollar.

Entwicklungsgebiet	Investition (Mio. USD)	Konzentrieren Sie sich
Verbesserung der mobilen Plattform	42.3	Optimierung der Benutzererfahrung
KI und Empfehlungssysteme	27.8	Personalisierungstechnologien
Sicherheitsinfrastruktur	19.5	Verbesserungen der Cybersicherheit

Vipshop Holdings Limited (VIPS) – Geschäftsmodell: Einnahmequellen

Provisionen für Online-Einzelhandelsverkäufe

Laut Vipshops Jahresbericht 2022 erwirtschafteten die Verkaufsprovisionen im Online-Einzelhandel einen Gesamtumsatz von rund 14,3 Milliarden US-Dollar.

Einnahmequelle	Betrag (USD)	Prozentsatz
Online-Einzelhandelsprovisionen	14,3 Milliarden US-Dollar	62.5%
Direkter Produktverkauf	6,8 Milliarden US-Dollar	29.7%

Produktaufschlags- und Preisstrategien

Vipshop behält einen durchschnittlichen Produktaufschlagsbereich zwischen 15 und 25 % für verschiedene Produktkategorien bei.

• Aufschlag für Modebekleidung: 18-22 %
• Elektronikaufschlag: 12-16 %
• Aufschlag für Haushaltswaren: 20-25 %

Mitglieds- und Abonnementgebühren

Im Jahr 2022 meldete Vipshop einen mitgliederbezogenen Umsatz von 412 Millionen US-Dollar, was 1,8 % des Gesamtumsatzes entspricht.

Datenmonetarisierung

Vipshop erwirtschaftete im Jahr 2022 rund 87 Millionen US-Dollar mit Datenmonetarisierungsdiensten.

Einnahmen aus plattformübergreifender Werbung

Die Werbeeinnahmen von Vipshop erreichten im Jahr 2022 276 Millionen US-Dollar, was 1,2 % des Gesamtumsatzes des Unternehmens ausmacht.

Einnahmequelle	Betrag 2022 (USD)
Online-Verkaufsprovisionen	$14,300,000,000
Direkter Produktverkauf	$6,800,000,000
Mitgliedsbeiträge	$412,000,000
Datenmonetarisierung	$87,000,000
Werbeeinnahmen	$276,000,000

Vipshop Holdings Limited (VIPS) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose Vipshop Holdings Limited over other e-commerce options. It's all about getting premium brands without the premium price tag, backed by a service experience that keeps them coming back.

Authentic branded products at significant, limited-time discounts

Vipshop Holdings Limited's main draw is its commitment to authentic, branded merchandise offered at steep markdowns. This is achieved through a high-velocity flash sale model designed to move non-peak, branded inventory rapidly. The depth of the discount is a key differentiator, often ranging from 10% to 90% off original retail prices. For the third quarter of 2025, the company reported a Gross Profit of RMB 4.9 billion, with a Gross Margin of 23.0%. This margin, while slightly narrower than the prior year period's 24.0%, still underpins the value proposition while supporting operational investments.

Exclusive off-price product offerings for SVIP members

The Super VIP (SVIP) membership program is central to driving high-value customer spending and loyalty. This segment receives exclusive benefits and product access. You can see the impact clearly in the latest figures:

• Active SVIP customers grew by 11% year-over-year in Q3 2025.
• SVIP members accounted for 51% of total online spending in Q3 2025.
• In Q2 2025, active SVIP customers were up 15% year-over-year, contributing 52% of online sales.
• The specialized "made-for-Vipshop" customized product line generated over 20% of apparel sales for many participating brands in the first half of 2025.

This focus on a high-value segment drives stickiness. Here's a quick look at the SVIP power:

Metric	Q2 2025 Data	Q3 2025 Data
Active SVIP Customer Growth (YoY)	15% increase	11% increase
Contribution to Online Spending	52%	51%

Worry-free shopping with next-day delivery and easy returns

To counter the perception of slower service often associated with off-price models, Vipshop Holdings Limited is investing in logistics to offer a more worry-free experience. They have specifically rolled out next-day delivery for certain standardized product categories in some cities and are accelerating apparel delivery in key metropolitan areas. Furthermore, logistics trajectories are optimized to make customer returns more efficient to their warehouses. Fulfillment expenses for Q3 2025 were RMB 1.9 billion, representing 8.7% of total net revenues.

Treasure-hunting and gimmick-free shopping experience

The core shopping mechanic is designed to feel like a discovery process. The high-velocity flash sale model, featuring limited quantities for limited periods, cultivates a sense of urgency and excitement, which translates into a treasure-hunting experience for the customer base. As of Q3 2025, Vipshop Holdings Limited served 40.1 million active customers, generating a Gross Merchandise Value (GMV) of RMB 43.1 billion. This large, engaged base validates the appeal of this focused, gimmick-free approach to discounted brand shopping.

A specialized platform for brands to monetize excess inventory

For brand partners, Vipshop Holdings Limited serves as a crucial channel for efficiently clearing out non-peak or excess stock without diluting their main retail channels. This is a specialized service that leverages Vipshop's direct-sales and consignment models. The platform's ability to absorb this inventory is growing; in the first half of 2025, nearly 500 new brands were added. Overall, the platform offers a diversified product selection from over 17,000 domestic and international brands.

Vipshop Holdings Limited (VIPS) - Canvas Business Model: Customer Relationships

You're looking at how Vipshop Holdings Limited keeps its customers engaged and loyal in the competitive Chinese e-commerce space as of late 2025. It's all about segmenting the high-value buyers and using technology to make the experience feel both personal and efficient. The focus is clearly on driving repeat business through premium tiers and seamless service.

Dedicated SVIP membership program with exclusive benefits and services

The Super VIP (SVIP) program is central to Vipshop Holdings Limited's customer relationship strategy, clearly targeting the highest-spending segment. This group consistently drives a disproportionate amount of revenue. For instance, in the third quarter of 2025, active SVIP customers grew by 11% year-over-year and accounted for 51% of the company's total online spending. This level of concentration shows the program's success in locking in top spenders. Looking back at the second quarter of 2025, the growth was even stronger, with active SVIP customers up 15% year-over-year, contributing 52% of online spending. Management has expressed strong confidence, stating they expect to continue achieving double-digit growth for SVIP customers for the full year of 2025, building on the 50% year-on-year increase seen in that segment in the fourth quarter of 2024. This premium tier is where the deep value is concentrated.

Automated, data-driven personalization and targeted engagement

Vipshop Holdings Limited is heavily leaning into technology, specifically artificial intelligence, to enhance personalization beyond just the SVIP tier. In the third quarter of 2025, the company highlighted the deployment of an AI agent to improve key areas like search and recommendations, which directly impacts the relevance of the product assortment shown to every user. They noted good adoption of their try it own AI feature, suggesting customers are actively using these new, engaging tools to visualize purchases before buying. This data-driven approach extends to product sourcing as well; in the second quarter of 2025, the platform's differentiated product strategy, including 'Vip Exclusive' products, drove a significant increase in performance for those items. The goal here is to use data to convert regular customers into more frequent, higher-value shoppers.

The focus on high-value customer segments and AI-driven engagement is best summarized by these recent operating metrics:

Metric	Q3 2025 Value	Q2 2025 Value	Q1 2025 Value
Active SVIP Customers YoY Growth	11%	15%	18%
SVIP Contribution to Online Spending	51%	52%	51%
Total Active Customers YoY Growth	1.3%	N/A	-4.0% (41.3M vs 43.1M YoY)
Total Orders YoY Growth	1.5%	N/A	-6.3% (167.2M vs 178.5M YoY)

Self-service via the online platform (Vip.com)

The core of the business remains the self-service online platform, Vip.com. While the high-value SVIP segment is growing, the overall customer base is also showing signs of recovery. In the third quarter of 2025, the total number of active customers reached 40.1 million, marking a 1.3% increase year-over-year. This is a positive shift after declines in earlier quarters; for example, the first quarter of 2025 saw active customers at 41.3 million, down from 43.1 million the prior year. Similarly, total orders in Q3 2025 were 166.4 million, up 1.5% year-over-year. This indicates that the base level of customer interaction is stabilizing and beginning to grow again through self-service channels.

High-touch service for returns and exchanges (door-to-door collection)

To support the high-value apparel focus, managing the post-purchase experience is key. While specific door-to-door collection volume isn't public, the overall policy impact is monitored. Management noted in the first quarter of 2025 that return rates showed overall stabilization in policy, with only low single-digit increases each year. This suggests that while returns are a factor, they are not escalating out of control, which is important for maintaining profitability and a positive customer perception of the service.

Community engagement through social and media channels

Vipshop Holdings Limited is integrating customer interaction across its digital ecosystem, which includes social and media touchpoints, though direct metrics are not always broken out. The deployment of AI for creative marketing and customer service in Q2 2025 suggests a push to make these external interactions more relevant and efficient. The success of features like the AI try-on tool, which allows customers to save looks and share them, functions as a form of organic community engagement, turning individual browsing into shareable content. The company is using technology to foster a more interactive environment, which is the modern equivalent of traditional community building.

Finance: draft 13-week cash view by Friday.

Vipshop Holdings Limited (VIPS) - Canvas Business Model: Channels

You're looking at how Vipshop Holdings Limited gets its value proposition to the customer base as of late 2025. It's a mix of heavy digital focus supported by a physical footprint and dedicated logistics.

The primary channel remains the digital storefront. This is Vip.com, accessible via the mobile app and the website. The scale of this channel is best seen in the active customer base, though it has seen some fluctuation recently. For instance, the active customer count was 41.3 million as of March 31, 2025, then grew to 43.5 million by June 30, 2025, before settling at 40.1 million for the quarter ended September 30, 2025.

The company also actively uses external marketing channels for customer acquisition. You see this reflected in the spending figures. For the first quarter of 2025, marketing expenses were RMB 732.1 million, representing 2.8% of total net revenues for that period. By the third quarter of 2025, marketing expenses were RMB 667.2 million, which was 3.1% of total net revenues of RMB 21.4 billion.

For physical presence, Vipshop Holdings Limited uses its offline retail arm, Shan Shan Outlets. As of the end of the first quarter of 2025, the company operated 20 outlet stores. Free cash flow generation is explicitly noted as enabling the expansion of this fulfillment infrastructure and the Shan Shan Outlets.

Fulfillment relies on a direct-to-customer logistics network. The cost associated with this network, reported as fulfillment expenses, was RMB 1.9 billion for the first quarter of 2025, and again RMB 1.9 billion for the third quarter of 2025. In Q3 2025, fulfillment expenses accounted for 8.7% of total net revenues.

Product promotion heavily involves social media and live-streaming platforms. Management has highlighted leveraging AI-driven recommendations and content to boost traffic and engagement, which is a key part of their strategy to broaden offerings.

Here's a look at some key channel-related metrics across recent quarters:

Metric	Q1 2025 Value	Q2 2025 Value	Q3 2025 Value
Total Net Revenues	RMB 26.3 billion	RMB 25.8 billion	RMB 21.4 billion
Active Customers (Millions)	41.3	43.5	40.1
Marketing Expenses (RMB Million)	732.1	Not specified	667.2
Fulfillment Expenses (RMB Billion)	1.9	Not specified	1.9

You should note the specific channel investments:

• The Super VIP membership program drives engagement on the primary online platform.
• Active Super VIP customers grew 18% year-over-year in Q1 2025 and represented 51% of online spending.
• The company is onboarding brands for its exclusive "Made for Vipshop" merchandising strategy, which is promoted through these channels.
• The company is using free cash flow for the expansion of fulfillment infrastructure.

The company is definitely focused on making its digital and physical touchpoints work together efficiently.

Vipshop Holdings Limited (VIPS) - Canvas Business Model: Customer Segments

You're mapping out Vipshop Holdings Limited's core audience, and honestly, it's a very specific group that values brand names but demands a steep discount. This focus on value-conscious shoppers seeking branded goods at a discount is the bedrock of their model.

The most valuable part of this base is the high-value Super VIP (SVIP) customers. These folks are the engine room for spending. As of the third quarter of 2025, active Super VIP customers grew by 11% year-over-year, and they were responsible for a commanding 51% of Vipshop Holdings Limited's online spending. This concentration of spending power is a huge factor in their strategy.

When you look at what they buy, customers are heavily focused on apparel and fashion-related categories. For instance, in the fourth quarter of 2024, apparel sales grew by 2% year-over-year, making up 75% of total Gross Merchandise Value (GMV). This category also drove solid performance in the second quarter of 2025, and it achieved positive growth in the first quarter of 2025.

The demographic profile is quite consistent, showing a strong skew toward a specific segment of the Chinese population. Here's a quick look at the profile data we have from recent investor presentations:

Customer Attribute	Data Point/Percentage	Context/Period
Percentage of Customer Base that is Women	~75%	Customer Profile Data
Percentage of Customer Base in Tier 1-3 Cities	60%+	Customer Profile Data
Percentage of Customer Base born Post-80s and -90s	70%+	Customer Profile Data
Active Super VIP Customers YoY Growth	11%	Q3 2025
Active Super VIP Customers Share of Online Spending	51%	Q3 2025

The overall active customer base shows some fluctuation, which is important to track against the high-value segment growth. For example, active customers were 40.1 million in the third quarter of 2025, down from 43.5 million in the second quarter of 2025, but the focus remains on quality over sheer volume, given the SVIP contribution.

You can see the core focus areas for Vipshop Holdings Limited's customer acquisition and retention efforts:

• Price-sensitive shoppers looking for authentic brands.
• High-spending Super VIP members.
• Customers prioritizing apparel and fashion.
• Female shoppers, making up approximately 75% of the base.
• Consumers concentrated in Tier 1 through Tier 3 cities, over 60%.

If onboarding takes 14+ days, churn risk rises, especially for the price-sensitive segment who have many alternatives.

Finance: draft 13-week cash view by Friday.

Vipshop Holdings Limited (VIPS) - Canvas Business Model: Cost Structure

The cost structure for Vipshop Holdings Limited centers heavily on the cost of the merchandise it sells, which is typical for a high-volume retailer. You see the direct impact of this in the gross profit figures reported across the fiscal year 2025 periods.

Cost of Goods Sold (COGS) for inventory acquisition (largest cost driver)

For the first quarter of 2025, Vipshop Holdings Limited reported total net revenues of RMB 26.3 billion, with a corresponding gross profit of RMB 6.1 billion. This implies that the Cost of Goods Sold, the expense for inventory acquisition, was approximately RMB 20.2 billion for that quarter, making it by far the largest component of the cost structure.

The company's gross margin in Q1 2025 stood at 23.2%. By the third quarter of 2025, net revenues grew to RMB 21.4 billion, and gross profit was RMB 4.9 billion, resulting in a gross margin of 23.0%.

The operational costs, while smaller than COGS, are detailed below, showing the direct expenses related to running the e-commerce and logistics platform.

Cost Category	Q1 2025 Amount (RMB)	Q3 2025 Amount (RMB)	Q1 2025 % of Net Revenues
Fulfillment expenses	N/A	1.9 billion	7.2%
Marketing expenses	732.1 million	667.2 million	2.8%
Technology and content expenses	449.1 million	438.6 million	N/A
General and administrative expenses	950.8 million	984.6 million	N/A

You can see the fulfillment costs, which cover warehousing and delivery, increased in Q3 2025 to RMB 1.9 billion, representing 8.7% of that quarter's net revenues, up from 8.4% in the prior year period.

Marketing spend saw an increase in Q1 2025 compared to the prior year, hitting RMB 732.1 million, which was 2.8% of net revenues. In Q3 2025, marketing expenses were RMB 667.2 million, or 3.1% of net revenues.

Technology and content expenses were RMB 449.1 million in the first quarter of 2025, decreasing slightly to RMB 438.6 million in the third quarter of 2025.

General and administrative expenses were RMB 950.8 million for Q1 2025. This figure rose to RMB 984.6 million in Q3 2025, representing 4.6% of total net revenues for that period.

The total operating expenses for Vipshop Holdings Limited in Q3 2025 were RMB 3.9 billion, which was 18.5% of total net revenues.

Key components of the operating expense base include:

• Fulfillment expenses: RMB 1.9 billion in Q3 2025.
• Marketing expenses: RMB 667.2 million in Q3 2025.
• Technology and content expenses: RMB 438.6 million in Q3 2025.
• General and administrative expenses: RMB 984.6 million in Q3 2025.

Finance: draft 13-week cash view by Friday.

Vipshop Holdings Limited (VIPS) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers that drive Vipshop Holdings Limited's top line as of late 2025. It's not just about selling products; it's a mix of direct sales, platform services, and loyalty programs that build out the total revenue picture.

The core of the business remains the direct sale of discounted, branded merchandise. For the third quarter of 2025, Vipshop Holdings Limited reported total net revenues of RMB 21.4 billion. This is the foundation, but the other streams are increasingly important for a resilient model.

The secondary revenue sources are grouped under what Vipshop Holdings Limited calls Other Revenues. For Q3 2025, this aggregate figure stood at RMB 1,755,668 thousand, or approximately RMB 1.76 billion. This bucket is where the specific items you asked about-commissions, membership fees, and outlet revenue-reside, alongside advertising and logistics fees.

Here is a look at the primary, quantifiable revenue components reported for the third quarter of 2025:

Revenue Component	Q3 2025 Amount (RMB)
Primary Online Product Sales (Net Revenues)	RMB 21.4 billion
Other Revenues (Aggregate)	RMB 1.756 billion
Interest Income from Cash and Short-Term Investments	RMB 5.9 billion

The Super VIP (SVIP) program is a key driver of sales volume, even if its direct fee revenue isn't separately itemized in the top-line report. The stickiness of this program is clear from its impact on the primary revenue stream.

• SVIP users contributed 51% of the online sales revenue in Q3 2025.
• The number of active SVIP users maintained double-digit growth year-over-year in Q3 2025.

The components that make up the 'Other Revenues' figure, which you are tracking, are defined by Vipshop Holdings Limited as:

• Fees charged to third-party merchants for platform access.
• Lease income, which mainly comes from the Shan Shan Outlets operations.
• Membership fee income (from programs like SVIP).
• Product promotion and online advertising revenues.
• Revenue from third-party logistics services.
• Loan facilitation service income.

Finance: draft 13-week cash view by Friday.