Vipshop Holdings Limited (VIPS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico del comercio electrónico chino, Vipshop Holdings Limited (VIPS) ha revolucionado las compras en línea al transformar el comercio minorista de descuentos en un mercado digital sofisticado. Al aprovechar la tecnología de vanguardia, las asociaciones estratégicas y un modelo de negocio innovador, esta plataforma ha forjado un nicho único en la conexión de consumidores conscientes de la moda con marcas premium a precios sin precedentes. Sumérgete en el intrincado lienzo de modelo de negocio que alimenta el notable éxito de Vipshop y descubre cómo esta potencia digital ha redefinido las experiencias de compra en línea para millones de consumidores chinos.

Vipshop Holdings Limited (VIP) - Modelo de negocio: asociaciones clave

Colaboración con las principales marcas de moda china e internacional

Vipshop ha establecido asociaciones con más de 20,000 marcas de moda a partir de 2023, que incluyen:

Categoría de marca	Número de asociaciones
Marcas internacionales de lujo	450+
Marcas nacionales chinas	15,000+
Marcas deportivas globales	250+

Alianzas estratégicas con plataformas de comercio electrónico

La Alianza Estratégica clave con JD.com, donde VIPSHOP posee una participación de capital del 6.6% a partir del cuarto trimestre de 2023.

Asociaciones con proveedores de servicios de logística y entrega

• Cooperación con SF Express
• Asociación con YTO Express
• Colaboración con China Post Logistics

Socio de logística	Capacidad de entrega diaria
SF Express	1,2 millones de paquetes
Yto express	850,000 paquetes

Asociaciones tecnológicas para algoritmos de recomendación avanzada

Inversión en asociaciones de tecnología de IA: $ 42.5 millones en gastos de I + D para tecnologías de recomendación en 2023.

Relaciones con fabricantes y proveedores

Categoría de proveedor	Recuento total de proveedores
Fabricantes de ropa	5,600+
Proveedores de accesorios	2,300+
Proveedores de calzado	1,100+

Vipshop Holdings Limited (VIP) - Modelo de negocio: actividades clave

Ventas flash y operaciones minoristas de descuento en línea

Vipshop opera un modelo de ventas flash Con las siguientes métricas operativas:

Métrico	Valor
Usuarios activos diarios (2023)	38.7 millones
Usuarios activos anuales (2023)	126.8 millones
Valor de transacción promedio	¥156 ($22.50)

Marketing digital y adquisición de clientes

Las actividades de marketing digital incluyen:

• Publicidad en las redes sociales
• Campañas de correo electrónico dirigidas
• Marketing de aplicaciones móviles
• Asociaciones de influencia

Métrico de marketing	Valor 2023
Gasto de marketing	¥ 1.2 mil millones ($ 173 millones)
Costo de adquisición de clientes	¥45 ($6.50)

Desarrollo y mantenimiento de la tecnología de plataforma

Inversiones de infraestructura tecnológica:

Inversión tecnológica	Cantidad de 2023
Gastos de I + D	¥ 892 millones ($ 129 millones)
Personal de tecnología	1.200 empleados

Gestión de inventario y optimización de la cadena de suministro

• Seguimiento de inventario en tiempo real
• Sistema de gestión de proveedores
• Almacenamiento automatizado

Métrica de la cadena de suministro	2023 rendimiento
Tasa de facturación de inventario	4.2 veces/año
Ubicaciones de almacén	12 centros de distribución importantes

Análisis de datos y experiencia de compra personalizada

Métrica de análisis de datos	Valor 2023
Precisión del algoritmo de personalización	87.5%
Modelos de aprendizaje automático	42 modelos de recomendación activa

Vipshop Holdings Limited (VIP) - Modelo de negocio: recursos clave

Infraestructura avanzada de tecnología de comercio electrónico

A partir del cuarto trimestre de 2023, la infraestructura tecnológica de Vipshop incluye:

Métrica de tecnología	Datos específicos
Capacidad de computación en la nube	Más de 500 PB de almacenamiento de datos
Procesamiento diario de transacciones	Aproximadamente 3.2 millones de transacciones
Tiempo de respuesta del sitio web/aplicación	Menos de 200 milisegundos

Base de datos de usuarios grandes y conocimientos de clientes

Estadísticas de la base de datos de usuarios para 2023:

• Total de usuarios registrados: 94.3 millones
• Usuarios activos mensuales: 52.6 millones
• Tasa promedio de retención de clientes: 67.4%

Relaciones de marca fuertes

Categoría de marca	Número de asociaciones
Marcas de moda	Más de 18,000
Marcas de estilo de vida	Aproximadamente 7,500
Contratos de marca exclusivos	526 acuerdos únicos

Red de logística y distribución robusta

Detalles de la infraestructura logística:

• Almacenes totales: 32 ubicaciones estratégicas
• Capacidad de envío diario: 1.8 millones de paquetes
• Tiempo de entrega promedio: 1.6 días

Algoritmos de recomendación y fijación de precios

Métrica de rendimiento del algoritmo	Datos específicos
Precisión de recomendación	84.3% de tasa de precisión
Optimización de precios dinámicos	Aumento de los ingresos de hasta el 17.6%
Iteraciones del modelo de aprendizaje automático	Más de 1.200 actualizaciones anuales

Vipshop Holdings Limited (VIP) - Modelo de negocio: propuestas de valor

Descuentos significativos en mercancías premium y de marca

VIPSHOP ofrece descuentos promedio que van del 30% al 70% en la mercancía de marca. En el tercer trimestre de 2023, la compañía informó:

Categoría de descuento	Rango porcentual	Descuento promedio
Marcas de moda	40-65%	52%
Electrónica	30-55%	42%
Artículos para el hogar	35-70%	55%

Amplia gama de productos de moda y estilo de vida

Distribución del rango de productos a partir de 2023:

• Ropa de moda: 42%
• Accesorios: 22%
• Productos en el hogar: 18%
• Electrónica: 12%
• Productos de belleza: 6%

Experiencia de compra en línea conveniente

Métricas de rendimiento de la plataforma en línea en 2023:

Métrico	Valor
Porcentaje de usuario móvil	87%
Tiempo de carga de página promedio	1.2 segundos
Tasa de retención de usuarios	68%

Selecciones de productos curados

Detalles del algoritmo de personalización:

• Precisión de recomendación de aprendizaje automático: 73%
• Sugerencias de productos personalizadas por usuario: 15-20
• Interacción del usuario con recomendaciones: 62%

Productos de alta calidad a precios competitivos

Comparación de estrategia de precios en 2023:

Categoría de productos	Precio de vipshop	Promedio del mercado	Diferencia de precio
Ropa de diseño	$85	$130	34% más bajo
Electrónica	$220	$280	21% más bajo
Electrodomésticos	$150	$190	21% más bajo

Vipshop Holdings Limited (VIP) - Modelo de negocios: relaciones con los clientes

Sistemas de recomendación personalizados

VIPSHOP utiliza algoritmos avanzados de recomendación de AI con las siguientes características:

Métrico	Valor
Tasa de precisión de personalización	78.3%
Interacciones de recomendación diaria	4.2 millones
Complejidad del modelo de aprendizaje automático	387 parámetros algorítmicos

Programas de fidelización de clientes

Características del programa de fidelización de Vipshop:

• Niveles de membresía: 4 niveles distintos
• Miembros activos anuales: 62.4 millones
• Gasto promedio de miembros: ¥ 1,247 por año

Servicio al cliente en línea interactivo

Canal de servicio	Tiempo de respuesta	Tasa de resolución
Chat en vivo	62 segundos	92.7%
Línea directa de soporte al cliente	3.4 minutos	88.5%

Estrategias de participación de aplicaciones móviles

Métricas de compromiso de plataforma móvil:

• Usuarios mensuales de la aplicación activa: 48.3 millones
• Duración promedio de la sesión de la aplicación: 17.6 minutos
• Tasa de retención de aplicaciones: 64.2%

Medias sociales y plataformas de interacción comunitaria

Plataforma	Recuento de seguidores	Tasa de compromiso
Weibo	3.7 millones	4.2%
Cuenta oficial de WeChat	2.9 millones	3.8%

Vipshop Holdings Limited (VIP) - Modelo de negocio: canales

Sitio web oficial de comercio electrónico

VIPSHOP opera VIP.com, que registró 514.5 millones de usuarios activos en 2022. El sitio web procesó 1.800 millones de pedidos en el mismo año, con un volumen de transacción total de 276.1 mil millones de yuanes chinos.

Métrico del sitio web	2022 estadísticas
Usuarios activos	514.5 millones
Total de pedidos	1.800 millones
Volumen de transacción	276.1 mil millones de CNY

Plataformas de aplicaciones móviles

La aplicación móvil de Vipshop logró 347.4 millones de usuarios activos mensuales en el cuarto trimestre de 2022, lo que representa el 67.5% del total de usuarios de la plataforma.

• Tasa de descarga de la aplicación móvil: 82.3 millones de descargas en 2022
• Duración promedio de la sesión del usuario: 18.6 minutos
• Porcentaje de transacción móvil: 73.4% de las transacciones de plataforma total

Experiencia de compra móvil primero

La tasa de conversión de la plataforma móvil alcanzó el 4.7% en 2022, con un valor de pedido promedio de 256 CNY por transacción móvil.

Canales de comercialización de redes sociales

Plataforma social	Conteo de seguidores (2022)
Cuenta oficial de WeChat	42.6 millones de seguidores
Weibo	18.3 millones de seguidores
Douyin	7.9 millones de seguidores

Redes de publicidad estratégica en línea

Vipshop invirtió 1.24 mil millones de CNY en marketing digital y publicidad en 2022, dirigiendo segmentos demográficos clave en múltiples plataformas en línea.

• Gasto de publicidad programática: 620 millones de CNY
• Presupuesto de publicidad en redes sociales: 410 millones de CNY
• Asignación de marketing de motores de búsqueda: 210 millones de CNY

Vipshop Holdings Limited (VIP) - Modelo de negocio: segmentos de clientes

Jóvenes profesionales urbanos

Según los datos demográficos de 2023, Vipshop se dirige a aproximadamente 78 millones de profesionales urbanos de 25 a 39 años en China. Ingresos disponibles mensuales promedio para este segmento: ¥ 8,500 ($ 1,230).

Rango de edad	Población total	Penetración de compras en línea	Gasto mensual promedio
25-39 años	78 millones	92%	¥3,200

Consumidores conscientes de la moda

La investigación de mercado indica que el 62% de la base de clientes de Vipshop prioriza las tendencias de la moda. La plataforma ofrece más de 15,000 marcas de moda con un 40% de descuentos.

• Variedad de marca de moda: más de 15,000 marcas
• Tasa de descuento promedio: 40%
• Compras mensuales de moda: 2.7 artículos por consumidor

Compradores sensibles a los precios

2023 Los datos de comportamiento del consumidor muestran que el 65% de los usuarios de Vipshop compran principalmente en función de las consideraciones de precios. Valor de pedido promedio: ¥ 280 ($ 40).

Segmento de consumo	Sensibilidad al precio	Valor de pedido promedio	Frecuencia de compra anual
Consumidores sensibles a los precios	65%	¥280	8.4 veces/año

Consumidores chinos de clase media

Se dirige a 280 millones de consumidores de clase media con ingresos familiares anuales entre ¥ 100,000- ¥ 500,000 ($ 14,500- $ 72,500).

• Mercado total direccionable: 280 millones de consumidores
• Rango anual de ingresos del hogar: ¥ 100,000- ¥ 500,000
• Tasa de participación de compras en línea: 87%

Millennials y la Generación Z

La plataforma atrae a 120 millones de usuarios de entre 18 y 35 años, con un 95% de penetración de teléfonos inteligentes y alta participación digital.

Grupo de edad	Usuarios totales	Uso de teléfonos inteligentes	Preferencia de compra móvil
18-35 años	120 millones	95%	78%

Vipshop Holdings Limited (VIP) - Modelo de negocio: Estructura de costos

Mantenimiento de la infraestructura tecnológica

En 2023, VIPShop informó costos de mantenimiento de la infraestructura tecnológica de aproximadamente $ 124.5 millones, lo que representa el 3.2% de los gastos operativos totales.

Categoría de costos	Gasto anual ($ M)	Porcentaje de costos tecnológicos totales
Servicios en la nube	52.3	42%
Mantenimiento del centro de datos	38.7	31%
Licencia de software	33.5	27%

Gastos de marketing y adquisición de clientes

El gasto de marketing para VIPSHOP en 2023 totalizaron $ 186.2 millones, con un enfoque en los canales digitales.

• Gasto publicitario digital: $ 92.4 millones
• Marketing en redes sociales: $ 47.8 millones
• Asociaciones de influencia: $ 46 millones

Costos de adquisición de inventario

Los gastos de adquisición de inventario total en 2023 alcanzaron los $ 3.2 mil millones, con enfoques de abastecimiento estratégico.

Fuente de inventario	Costo de adquisición ($ M)	Porcentaje de total
Asociaciones de marca directa	1,680	52.5%
Canales al por mayor	1,040	32.5%
Abastecimiento internacional	480	15%

Logística y gastos de envío

Los costos de logística para VIPSHOP en 2023 ascendieron a $ 276.5 millones.

• Almacenamiento: $ 98.3 millones
• Transporte: $ 142.7 millones
• Entrega de última milla: $ 35.5 millones

Desarrollo y operaciones de la plataforma

Las inversiones en desarrollo de la plataforma totalizaron $ 89.6 millones en 2023.

Área de desarrollo	Inversión ($ m)	Enfocar
Mejora de la plataforma móvil	42.3	Optimización de la experiencia del usuario
AI y sistemas de recomendación	27.8	Tecnologías de personalización
Infraestructura de seguridad	19.5	Mejoras de ciberseguridad

Vipshop Holdings Limited (VIP) - Modelo de negocio: flujos de ingresos

Comisiones de ventas minoristas en línea

Según el informe anual de VIPSHOP 2022, las comisiones de ventas minoristas en línea generaron aproximadamente $ 14.3 mil millones en ingresos totales.

Fuente de ingresos	Cantidad (USD)	Porcentaje
Comisiones minoristas en línea	$ 14.3 mil millones	62.5%
Ventas directas de productos	$ 6.8 mil millones	29.7%

Estrategias de marcado de productos y precios

VIPSHOP mantiene un rango promedio de marcado de productos entre 15-25% en diferentes categorías de productos.

• Marca de ropa de moda: 18-22%
• Marcado de electrónica: 12-16%
• Marca de productos para el hogar: 20-25%

Tarifas de membresía y suscripción

En 2022, VIPShop informó ingresos relacionados con la membresía de $ 412 millones, lo que representa el 1.8% de los ingresos totales.

Monetización de datos

VIPSHOP generó aproximadamente $ 87 millones a partir de servicios de monetización de datos en 2022.

Ingresos publicitarios multiplataforma

Los ingresos publicitarios para VIPSHOP alcanzaron los $ 276 millones en 2022, lo que representa el 1.2% de los ingresos totales de la compañía.

Flujo de ingresos	Cantidad de 2022 (USD)
Comisiones de ventas en línea	$14,300,000,000
Ventas directas de productos	$6,800,000,000
Tarifas de membresía	$412,000,000
Monetización de datos	$87,000,000
Ingresos publicitarios	$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.