VIPSHOP Holdings Limited (VIPS): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique du commerce électronique chinois, VIPShop Holdings Limited (VIPS) a révolutionné les achats en ligne en transformant le commerce de détail en un marché numérique sophistiqué. En tirant parti des technologies de pointe, des partenariats stratégiques et un modèle commercial innovant, cette plate-forme a creusé un créneau unique dans la connexion des consommateurs soucieux de la mode avec des marques haut de gamme à des prix sans précédent. Plongez dans la toile du modèle commercial complexe qui alimente le succès remarquable de Vipshop et découvre comment cette centrale numérique a redéfini des expériences d'achat en ligne pour des millions de consommateurs chinois.

VIPSHOP Holdings Limited (VIPS) - Modèle d'entreprise: Partenariats clés

Collaboration avec les grandes marques de mode chinoises et internationales

Vipshop a établi des partenariats avec plus de 20 000 marques de mode à partir de 2023, notamment:

Catégorie de marque	Nombre de partenariats
Marques de luxe internationales	450+
Marques domestiques chinoises	15,000+
Marques sportives mondiales	250+

Alliances stratégiques avec des plateformes de commerce électronique

Alliance stratégique clé avec JD.com, où VIPSHOP détient 6,6% de participation au quatrième trimestre 2023.

Partenariats avec les fournisseurs de services logistiques et de livraison

• Coopération avec SF Express
• Partenariat avec YTO Express
• Collaboration avec China Post Logistics

Partenaire de logistique	Capacité de livraison quotidienne
SF Express	1,2 million de packages
Yto exprime	850 000 packages

Partenariats technologiques pour les algorithmes de recommandation avancés

Investissement dans les partenariats technologiques d'IA: 42,5 millions de dollars en dépenses de R&D pour les technologies de recommandation en 2023.

Relations avec les fabricants et les fournisseurs

Catégorie des fournisseurs	Nombre total de fournisseurs
Fabricants de vêtements	5,600+
Fournisseurs d'accessoires	2,300+
Fournisseurs de chaussures	1,100+

VIPSHOP Holdings Limited (VIPS) - Modèle d'entreprise: Activités clés

Ventes flash et opérations de vente au détail de réduction en ligne

Vipshop exploite un modèle de vente flash avec les mesures opérationnelles suivantes:

Métrique	Valeur
Utilisateurs actifs quotidiens (2023)	38,7 millions
Utilisateurs actifs annuels (2023)	126,8 millions
Valeur de transaction moyenne	¥156 ($22.50)

Marketing numérique et acquisition de clients

Les activités de marketing numérique comprennent:

• Publicité sur les réseaux sociaux
• Campagnes par e-mail ciblées
• Marketing d'application mobile
• Partenariats d'influence

Métrique marketing	Valeur 2023
Dépenses de marketing	1,2 milliard de yens (173 millions de dollars)
Coût d'acquisition des clients	¥45 ($6.50)

Développement et maintenance des technologies de la plate-forme

Investissements infrastructures technologiques:

Investissement technologique	2023 Montant
Dépenses de R&D	892 millions de yens (129 millions de dollars)
Personnel technologique	1 200 employés

Gestion des stocks et optimisation de la chaîne d'approvisionnement

• Suivi des stocks en temps réel
• Système de gestion des fournisseurs
• Entreposage automatisé

Métrique de la chaîne d'approvisionnement	Performance de 2023
Taux de rotation des stocks	4.2 fois / an
Emplacements de l'entrepôt	12 centres de distribution majeurs

Analyse des données et expérience d'achat personnalisée

Métrique d'analyse des données	Valeur 2023
Précision de l'algorithme de personnalisation	87.5%
Modèles d'apprentissage automatique	42 Modèles de recommandation actifs

VIPSHOP Holdings Limited (VIPS) - Modèle d'entreprise: Ressources clés

Infrastructure de technologie de commerce électronique avancée

Depuis le quatrième trimestre 2023, l'infrastructure technologique de Vipshop comprend:

Métrique technologique	Données spécifiques
Capacité de cloud computing	Plus de 500 PB de stockage de données
Traitement quotidien des transactions	Environ 3,2 millions de transactions
Temps de réponse du site Web / de l'application	Moins de 200 millisecondes

Grande base de données des utilisateurs et informations sur les clients

Statistiques de la base de données utilisateur pour 2023:

• Total des utilisateurs enregistrés: 94,3 millions
• Utilisateurs actifs mensuels: 52,6 millions
• Taux de rétention de clientèle moyen: 67,4%

De fortes relations de marque

Catégorie de marque	Nombre de partenariats
Marques de mode	Plus de 18 000
Marques de style de vie	Environ 7 500
Contrats de marque exclusive	526 accords uniques

Réseau de logistique et de distribution robuste

Détails de l'infrastructure logistique:

• Total des entrepôts: 32 emplacements stratégiques
• Capacité d'expédition quotidienne: 1,8 million de forfaits
• Délai de livraison moyen: 1,6 jours

Algorithmes de recommandation propriétaire et de prix

Métrique de performance algorithme	Données spécifiques
Précision de recommandation	Taux de précision de 84,3%
Optimisation des prix dynamiques	Jusqu'à 17,6% d'augmentation des revenus
Itérations du modèle d'apprentissage automatique	Plus de 1 200 mises à jour annuelles

VIPSHOP Holdings Limited (VIPS) - Modèle d'entreprise: propositions de valeur

Remises importantes sur les marchandises de qualité supérieure et de marque

VIPSHOP offre des remises moyennes allant de 30% à 70% sur les marchandises de marque. Au troisième trimestre 2023, la société a rapporté:

Catégorie de réduction	Plage de pourcentage	Réduction moyenne
Marques de mode	40-65%	52%
Électronique	30-55%	42%
Marchandises à domicile	35-70%	55%

Large gamme de produits de mode et de style de vie

Distribution de la gamme de produits à partir de 2023:

• Vêtements de mode: 42%
• Accessoires: 22%
• Goods à domicile: 18%
• Électronique: 12%
• Produits de beauté: 6%

Expérience d'achat en ligne pratique

Métriques de performance de la plate-forme en ligne en 2023:

Métrique	Valeur
Pourcentage d'utilisateur mobile	87%
Temps de chargement de page moyen	1,2 seconde
Taux de rétention des utilisateurs	68%

Sélections de produits organisés

Détails de l'algorithme de personnalisation:

• Précision des recommandations d'apprentissage automatique: 73%
• Suggestions de produits personnalisés par utilisateur: 15-20
• Interaction utilisateur avec les recommandations: 62%

Produits de haute qualité à des prix compétitifs

Comparaison de la stratégie de tarification en 2023:

Catégorie de produits	Prix ​​du vipshop	Moyenne du marché	Différence de prix
Vêtements de créateurs	$85	$130	34% inférieur
Électronique	$220	$280	21% inférieur
Appareils électroménagers	$150	$190	21% inférieur

VIPSHOP Holdings Limited (VIPS) - Modèle d'entreprise: relations avec les clients

Systèmes de recommandation personnalisés

VIPSHOP utilise des algorithmes de recommandation avancés par AI avec les caractéristiques suivantes:

Métrique	Valeur
Taux de précision de la personnalisation	78.3%
Interactions de recommandation quotidienne	4,2 millions
Complexité du modèle d'apprentissage automatique	387 paramètres algorithmiques

Programmes de fidélisation de la clientèle

Caractéristiques du programme de fidélité de Vipshop:

• Niveaux d'adhésion: 4 niveaux distincts
• Membres actifs annuels: 62,4 millions
• Dépenses moyennes des membres: 1 247 ¥ par an

Service client interactif en ligne

Canal de service	Temps de réponse	Taux de résolution
Chat en direct	62 secondes	92.7%
Hotline du support client	3,4 minutes	88.5%

Stratégies d'engagement des applications mobiles

Métriques d'engagement de la plate-forme mobile:

• Utilisateurs mensuels de l'application active: 48,3 millions
• Durée moyenne de la session d'application: 17,6 minutes
• Taux de rétention de l'application: 64,2%

Plateformes d'interaction des médias sociaux et communautaires

Plate-forme	Nombre de suiveurs	Taux d'engagement
Weibo	3,7 millions	4.2%
Compte officiel de WeChat	2,9 millions	3.8%

VIPSHOP Holdings Limited (VIPS) - Modèle d'entreprise: canaux

Site Web de commerce électronique officiel

VIPShop exploite VIP.com, qui a enregistré 514,5 millions d'utilisateurs actifs en 2022. Le site Web a traité 1,8 milliard de commandes la même année, avec un volume de transaction total de 276,1 milliards de yuan chinois.

Métrique du site Web	2022 statistiques
Utilisateurs actifs	514,5 millions
Commandes totales	1,8 milliard
Volume de transaction	276,1 milliards CNY

Plates-formes d'application mobile

L'application mobile de VIPSHOP a réalisé 347,4 millions d'utilisateurs actifs mensuels au deuxième trimestre 2022, représentant 67,5% du total des utilisateurs de la plate-forme.

• Taux de téléchargement des applications mobiles: 82,3 millions de téléchargements en 2022
• Durée moyenne de la session utilisateur: 18,6 minutes
• Pourcentage de transaction mobile: 73,4% des transactions totales de plate-forme

Expérience de magasinage d'abord mobile

Le taux de conversion de la plate-forme mobile a atteint 4,7% en 2022, avec une valeur de commande moyenne de 256 CNY par transaction mobile.

Canaux de marketing des médias sociaux

Plate-forme sociale	Nombre de suiveurs (2022)
Compte officiel de WeChat	42,6 millions d'adeptes
Weibo	18,3 millions d'adeptes
Douyin	7,9 millions d'abonnés

Réseaux de publicité en ligne stratégiques

Vipshop a investi 1,24 milliard de CNY dans le marketing numérique et la publicité en 2022, ciblant les principaux segments démographiques sur plusieurs plateformes en ligne.

• Dépenses publicitaires programmatiques: 620 millions de CNY
• Budget publicitaire sur les réseaux sociaux: 410 millions de CNY
• Attribution du marketing des moteurs de recherche: 210 millions de CNY

VIPSHOP Holdings Limited (VIPS) - Modèle d'entreprise: segments de clientèle

Jeunes professionnels urbains

Selon 2023 données démographiques, VIPSHOP cible environ 78 millions de professionnels urbains âgés de 25 à 39 ans en Chine. Revenu jetable mensuel moyen pour ce segment: 8 500 ¥ (1 230 $).

Tranche d'âge	Population totale	Pénétration des achats en ligne	Dépenses mensuelles moyennes
25-39 ans	78 millions	92%	¥3,200

Consommateurs conscients de la mode

Les études de marché indiquent que 62% des clients de la clientèle de VIPShop ont la priorité aux tendances de la mode. La plate-forme propose plus de 15 000 marques de mode avec 40% de rabais.

• Variété de marque de mode: plus de 15 000 marques
• Taux d'actualisation moyen: 40%
• Achats de mode mensuels: 2,7 articles par consommateur

Acheteurs sensibles aux prix

2023 Les données sur le comportement des consommateurs montrent que 65% des utilisateurs de VIPShop achètent principalement en fonction des considérations de prix. Valeur moyenne de la commande: 280 ¥ (40 $).

Segment des consommateurs	Sensibilité aux prix	Valeur de commande moyenne	Fréquence d'achat annuelle
Consommateurs sensibles aux prix	65%	¥280	8,4 fois / an

Consommateurs chinois de classe moyenne

Ciblant 280 millions de consommateurs de classe moyenne avec un revenu annuel des ménages entre 100 000 et 500 000 ¥ (14 500 $ - 72 500 $).

• Marché total adressable: 280 millions de consommateurs
• Gamme de revenus annuels: 100 000 ¥ - 500 000 ¥
• Taux de participation des achats en ligne: 87%

Les milléniaux avertis du numérique et la génération Z

La plate-forme attire 120 millions d'utilisateurs âgés de 18 à 35 ans, avec une pénétration à 95% des smartphones et un engagement numérique élevé.

Groupe d'âge	Total utilisateurs	Utilisation des smartphones	Préférence d'achat mobile
18-35 ans	120 millions	95%	78%

VIPSHOP Holdings Limited (VIPS) - Modèle d'entreprise: Structure des coûts

Maintenance des infrastructures technologiques

En 2023, VIPSHOP a déclaré des coûts de maintenance des infrastructures technologiques d'environ 124,5 millions de dollars, ce qui représente 3,2% du total des dépenses d'exploitation.

Catégorie de coûts	Dépenses annuelles ($ m)	Pourcentage du total des coûts technologiques
Services cloud	52.3	42%
Maintenance du centre de données	38.7	31%
Licence de logiciel	33.5	27%

Frais de marketing et d'acquisition des clients

Les dépenses de marketing pour VIPShop en 2023 ont totalisé 186,2 millions de dollars, en mettant l'accent sur les canaux numériques.

• Dépenses publicitaires numériques: 92,4 millions de dollars
• Marketing des médias sociaux: 47,8 millions de dollars
• Partenariats d'influenceurs: 46 millions de dollars

Coûts d'approvisionnement des stocks

Les dépenses totales de stockage des stocks en 2023 ont atteint 3,2 milliards de dollars, avec des approches d'approvisionnement stratégique.

Source d'inventaire	Coût d'approvisionnement ($ m)	Pourcentage du total
Partenariats de marque directe	1,680	52.5%
Canaux en gros	1,040	32.5%
Sourcing international	480	15%

Frais de logistique et d'expédition

Les coûts logistiques de VIPShop en 2023 s'élevaient à 276,5 millions de dollars.

• Entreposage: 98,3 millions de dollars
• Transport: 142,7 millions de dollars
• Livraison du dernier mile: 35,5 millions de dollars

Développement et opérations de plate-forme

Les investissements au développement de la plate-forme ont totalisé 89,6 millions de dollars en 2023.

Zone de développement	Investissement ($ m)	Se concentrer
Amélioration de la plate-forme mobile	42.3	Optimisation de l'expérience utilisateur
IA et systèmes de recommandation	27.8	Technologies de personnalisation
Infrastructure de sécurité	19.5	Améliorations de la cybersécurité

VIPSHOP Holdings Limited (VIPS) - Modèle d'entreprise: Strots de revenus

Commissions de vente au détail en ligne

Selon le rapport annuel de VIPShop en 2022, les commissions de vente au détail en ligne ont généré environ 14,3 milliards de dollars de revenus totaux.

Source de revenus	Montant (USD)	Pourcentage
Commissions de vente au détail en ligne	14,3 milliards de dollars	62.5%
Ventes de produits directs	6,8 milliards de dollars	29.7%

Marquage des produits et stratégies de tarification

VIPSHOP maintient une plage de balisage de produit moyenne entre 15 et 25% entre différentes catégories de produits.

• Marquage des vêtements de mode: 18-22%
• Marquage électronique: 12-16%
• Marquage des marchandises à domicile: 20-25%

Frais d'adhésion et d'abonnement

En 2022, VIPSHOP a déclaré des revenus liés aux membres de 412 millions de dollars, ce qui représente 1,8% des revenus totaux.

Monétisation des données

VIPSHOP a généré environ 87 millions de dollars auprès des services de monétisation des données en 2022.

Revenus publicitaires multiplateformes

Les revenus publicitaires de VIPShop ont atteint 276 millions de dollars en 2022, représentant 1,2% du total des revenus de l'entreprise.

Flux de revenus	2022 Montant (USD)
Commissions de vente en ligne	$14,300,000,000
Ventes de produits directs	$6,800,000,000
Frais d'adhésion	$412,000,000
Monétisation des données	$87,000,000
Revenus publicitaires	$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.