VIPSHOP Holdings Limited (VIPS): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico do comércio eletrônico chinês, a VipShop Holdings Limited (VIPS) revolucionou as compras on-line, transformando o varejo com desconto em um mercado digital sofisticado. Ao alavancar a tecnologia de ponta, parcerias estratégicas e um modelo de negócios inovador, essa plataforma criou um nicho único na conexão de consumidores conscientes da moda com marcas premium a preços sem precedentes. Mergulhe na intrincada tela do modelo de negócios que alimenta o notável sucesso da VIPShop e descubra como essa potência digital redefiniu experiências de compras on -line para milhões de consumidores chineses.

VIPSHOP Holdings Limited (VIPS) - Modelo de negócios: Parcerias -chave

Colaboração com grandes marcas de moda chinesa e internacional

A VIPShop estabeleceu parcerias com mais de 20.000 marcas de moda a partir de 2023, incluindo:

Categoria de marca	Número de parcerias
Marcas de luxo internacionais	450+
Marcas domésticas chinesas	15,000+
Marcas esportivas globais	250+

Alianças estratégicas com plataformas de comércio eletrônico

A principal aliança estratégica com o JD.com, onde a VIPShop possui uma participação acionária de 6,6% a partir do quarto trimestre 2023.

Parcerias com provedores de serviços de logística e entrega

• Cooperação com SF Express
• Parceria com a YTO Express
• Colaboração com a China Post Logistics

Parceiro de logística	Capacidade de entrega diária
SF Express	1,2 milhão de pacotes
Yo expresso	850.000 pacotes

Parcerias de tecnologia para algoritmos de recomendação avançada

Investimento em parcerias de tecnologia de IA: US $ 42,5 milhões em despesas de P&D para tecnologias de recomendação em 2023.

Relacionamento com fabricantes e fornecedores

Categoria de fornecedores	Contagem total de fornecedores
Fabricantes de vestuário	5,600+
Fornecedores de acessórios	2,300+
Fornecedores de calçados	1,100+

VIPSHOP Holdings Limited (VIPS) - Modelo de negócios: Atividades -chave

Operações de varejo com desconto on -line e desconto on -line

O VIPSHOP opera a Modelo de vendas flash com as seguintes métricas operacionais:

Métrica	Valor
Usuários ativos diários (2023)	38,7 milhões
Usuários ativos anuais (2023)	126,8 milhões
Valor médio da transação	¥156 ($22.50)

Marketing digital e aquisição de clientes

As atividades de marketing digital incluem:

• Publicidade nas mídias sociais
• Campanhas de e -mail direcionadas
• Marketing de aplicativos móveis
• Parcerias de influenciadores

Métrica de marketing	2023 valor
Despesa de marketing	¥ 1,2 bilhão (US $ 173 milhões)
Custo de aquisição do cliente	¥45 ($6.50)

Desenvolvimento e manutenção de tecnologia da plataforma

Investimentos de infraestrutura de tecnologia:

Investimento em tecnologia	2023 quantidade
Despesas de P&D	¥ 892 milhões (US $ 129 milhões)
Equipe de tecnologia	1.200 funcionários

Gerenciamento de inventário e otimização da cadeia de suprimentos

• Rastreamento de inventário em tempo real
• Sistema de gerenciamento de fornecedores
• Armazenamento automatizado

Métrica da cadeia de suprimentos	2023 desempenho
Taxa de rotatividade de estoque	4,2 vezes/ano
Locais do armazém	12 principais centros de distribuição

Análise de dados e experiência de compra personalizada

Métrica de análise de dados	2023 valor
Precisão do algoritmo de personalização	87.5%
Modelos de aprendizado de máquina	42 modelos de recomendação ativa

VIPSHOP Holdings Limited (VIPS) - Modelo de negócios: Recursos -chave

Infraestrutura de tecnologia avançada de comércio eletrônico

A partir do quarto trimestre 2023, a infraestrutura tecnológica da VIPSHOP inclui:

Métrica de tecnologia	Dados específicos
Capacidade de computação em nuvem	Mais de 500 pb de armazenamento de dados
Processamento diário de transações	Aproximadamente 3,2 milhões de transações
Tempo de resposta do site/aplicativo	Menos de 200 milissegundos

Banco de dados de usuários grandes e insights do cliente

Estatísticas do banco de dados do usuário para 2023:

• Total de usuários registrados: 94,3 milhões
• Usuários ativos mensais: 52,6 milhões
• Taxa média de retenção de clientes: 67,4%

Relacionamentos de marca fortes

Categoria de marca	Número de parcerias
Marcas de moda	Mais de 18.000
Marcas de estilo de vida	Aproximadamente 7.500
Contratos exclusivos da marca	526 acordos únicos

Rede de logística e distribuição robusta

Detalhes da infraestrutura de logística:

• Total de armazéns: 32 locais estratégicos
• Capacidade diária de envio: 1,8 milhão de pacotes
• Tempo médio de entrega: 1,6 dias

Algoritmos de recomendação e precificação de propriedade

Métrica de desempenho do algoritmo	Dados específicos
Precisão da recomendação	84,3% de taxa de precisão
Otimização de preços dinâmicos	Até 17,6% de aumento de receita
Modelo de aprendizado de máquina iterações	Mais de 1.200 atualizações anuais

VIPSHOP Holdings Limited (VIPS) - Modelo de negócios: proposições de valor

Descontos significativos em mercadorias premium e de marca

A VIPShop oferece descontos médios que variam de 30% a 70% em mercadorias da marca. No terceiro trimestre de 2023, a empresa informou:

Categoria de desconto	Intervalo percentual	Desconto médio
Marcas de moda	40-65%	52%
Eletrônica	30-55%	42%
Bens domésticos	35-70%	55%

Ampla gama de produtos de moda e estilo de vida

Distribuição da faixa de produtos a partir de 2023:

• Vestuário de moda: 42%
• Acessórios: 22%
• Bens domésticos: 18%
• Eletrônica: 12%
• Produtos de beleza: 6%

Experiência conveniente de compra on -line

Métricas de desempenho da plataforma on -line em 2023:

Métrica	Valor
Porcentagem de usuário móvel	87%
Tempo médio de carregamento da página	1,2 segundos
Taxa de retenção de usuários	68%

Seleções de produtos com curadoria

Detalhes do algoritmo de personalização:

• Recomendação de aprendizado de máquina Precisão: 73%
• Sugestões personalizadas de produtos por usuário: 15-20
• Interação do usuário com recomendações: 62%

Produtos de alta qualidade a preços competitivos

Comparação de Estratégia de Preços em 2023:

Categoria de produto	Preço VIPShop	Média de mercado	Diferença de preço
Roupas de grife	$85	$130	34% menor
Eletrônica	$220	$280	21% menor
Eletrodomésticos	$150	$190	21% menor

VIPSHOP Holdings Limited (VIPS) - Modelo de negócios: Relacionamentos do cliente

Sistemas de recomendação personalizados

A VIPShop utiliza algoritmos avançados de recomendação orientados para AI com as seguintes características:

Métrica	Valor
Taxa de precisão de personalização	78.3%
Interações diárias de recomendação	4,2 milhões
Complexidade do modelo de aprendizado de máquina	387 parâmetros algorítmicos

Programas de fidelidade do cliente

Recursos de fidelidade do VIPSHOP:

• Níveis de associação: 4 níveis distintos
• Membros ativos anuais: 62,4 milhões
• Gastos médios dos membros: ¥ 1.247 por ano

Atendimento ao cliente online interativo

Canal de serviço	Tempo de resposta	Taxa de resolução
Bate -papo ao vivo	62 segundos	92.7%
Linha direta de suporte ao cliente	3,4 minutos	88.5%

Estratégias de engajamento de aplicativos móveis

Métricas de engajamento da plataforma móvel:

• Usuários mensais de aplicativos ativos: 48,3 milhões
• Duração média da sessão do aplicativo: 17,6 minutos
• Taxa de retenção de aplicativos: 64,2%

Mídias sociais e plataformas de interação comunitária

Plataforma	Contagem de seguidores	Taxa de engajamento
Weibo	3,7 milhões	4.2%
Conta oficial do WeChat	2,9 milhões	3.8%

VIPSHOP Holdings Limited (VIPS) - Modelo de Negócios: Canais

Site oficial de comércio eletrônico

O VIPSHOP opera o VIP.com, que registrou 514,5 milhões de usuários ativos em 2022. O site processou 1,8 bilhão de pedidos no mesmo ano, com um volume total de transações de 276,1 bilhões de yuan chinês.

Métrica do site	2022 Estatísticas
Usuários ativos	514,5 milhões
Pedidos totais	1,8 bilhão
Volume de transação	276,1 bilhões de CNY

Plataformas de aplicativos móveis

O aplicativo móvel da VIPSHOP alcançou 347,4 milhões de usuários ativos mensais no quarto trimestre 2022, representando 67,5% do total de usuários da plataforma.

• Taxa de download de aplicativos móveis: 82,3 milhões de downloads em 2022
• Duração média da sessão do usuário: 18,6 minutos
• Porcentagem de transações móveis: 73,4% do total de transações da plataforma

Experiência de compra por Mobile-First

A taxa de conversão da plataforma móvel atingiu 4,7% em 2022, com um valor médio de ordem de 256 CNY por transação móvel.

Canais de marketing de mídia social

Plataforma social	Contagem de seguidores (2022)
Conta oficial do WeChat	42,6 milhões de seguidores
Weibo	18,3 milhões de seguidores
Douyin	7,9 milhões de seguidores

Redes de publicidade online estratégicas

A VIPShop investiu 1,24 bilhão de CNY em marketing digital e publicidade em 2022, visando os principais segmentos demográficos em várias plataformas on -line.

• Gastes de publicidade programática: 620 milhões de CNY
• Orçamento de publicidade de mídia social: 410 milhões de CNY
• Alocação de marketing de mecanismo de pesquisa: 210 milhões de CNY

VIPSHOP Holdings Limited (VIPS) - Modelo de negócios: segmentos de clientes

Jovens Profissionais Urbanos

De acordo com 2023 dados demográficos, o VIPShop tem como alvo aproximadamente 78 milhões de profissionais urbanos de 25 a 39 anos na China. Receita mensal média para este segmento: ¥ 8.500 (US $ 1.230).

Faixa etária	População total	Penetração de compras on -line	Gastos mensais médios
25-39 anos	78 milhões	92%	¥3,200

Consumidores conscientes da moda

A pesquisa de mercado indica 62% da base de clientes da VIPShop prioriza as tendências da moda. A plataforma oferece mais de 15.000 marcas de moda com 40% de descontos.

• Variedade da marca de moda: mais de 15.000 marcas
• Taxa de desconto médio: 40%
• Compras mensais de moda: 2,7 itens por consumidor

Compradores sensíveis ao preço

2023 Dados de comportamento do consumidor mostram 65% dos usuários do VIPShop compram principalmente com base em considerações de preço. Valor médio da ordem: ¥ 280 (US $ 40).

Segmento do consumidor	Sensibilidade ao preço	Valor médio do pedido	Frequência de compras anual
Consumidores sensíveis ao preço	65%	¥280	8,4 vezes/ano

Consumidores chineses de classe média

Visando 280 milhões de consumidores de classe média com renda familiar anual entre ¥ 100.000- ¥ 500.000 (US $ 14.500 a US $ 72.500).

• Mercado endereçável total: 280 milhões de consumidores
• Faixa anual da renda familiar: ¥ 100.000- ¥ 500.000
• Taxa de participação de compras on -line: 87%

Millennials com conhecimento digital e geração Z

A plataforma atrai 120 milhões de usuários de 18 a 35 anos, com 95% de penetração de smartphones e alto engajamento digital.

Faixa etária	Usuários totais	Uso do smartphone	Preferência de compras móveis
18-35 anos	120 milhões	95%	78%

VIPSHOP Holdings Limited (VIPS) - Modelo de negócios: estrutura de custos

Manutenção de infraestrutura de tecnologia

Em 2023, a VIPShop relatou custos de manutenção de infraestrutura tecnológica de aproximadamente US $ 124,5 milhões, representando 3,2% do total de despesas operacionais.

Categoria de custo	Despesa anual ($ m)	Porcentagem de custos totais de tecnologia
Serviços em nuvem	52.3	42%
Manutenção do data center	38.7	31%
Licenciamento de software	33.5	27%

Despesas de marketing e aquisição de clientes

As despesas de marketing para o VIPShop em 2023 totalizaram US $ 186,2 milhões, com foco nos canais digitais.

• Gastes de publicidade digital: US $ 92,4 milhões
• Marketing de mídia social: US $ 47,8 milhões
• Parcerias de influenciadores: US $ 46 milhões

Custos de compras de inventário

As despesas totais de compras de inventário em 2023 atingiram US $ 3,2 bilhões, com abordagens estratégicas de fornecimento.

Fonte de inventário	Custo de compras ($ m)	Porcentagem de total
Parcerias de marca direta	1,680	52.5%
Canais atacadistas	1,040	32.5%
Fornecimento internacional	480	15%

Despesas de logística e remessa

Os custos de logística da VIPShop em 2023 totalizaram US $ 276,5 milhões.

• Armazenamento: US $ 98,3 milhões
• Transporte: US $ 142,7 milhões
• Entrega de última milha: US $ 35,5 milhões

Desenvolvimento e operações da plataforma

Os investimentos em desenvolvimento de plataformas totalizaram US $ 89,6 milhões em 2023.

Área de desenvolvimento	Investimento ($ m)	Foco
Melhoria da plataforma móvel	42.3	Otimização da experiência do usuário
IA e sistemas de recomendação	27.8	Tecnologias de personalização
Infraestrutura de segurança	19.5	Melhorias de segurança cibernética

VIPSHOP Holdings Limited (VIPS) - Modelo de negócios: fluxos de receita

Comissões de vendas de varejo on -line

De acordo com o relatório anual de 2022 da VIPSHOP, as comissões de vendas de varejo on -line geraram aproximadamente US $ 14,3 bilhões em receita total.

Fonte de receita	Quantidade (USD)	Percentagem
Comissões de varejo on -line	US $ 14,3 bilhões	62.5%
Vendas diretas de produtos	US $ 6,8 bilhões	29.7%

Estratégias de marcação e preços de produtos

O VIPSHOP mantém um intervalo médio de marcação de produtos entre 15-25% em diferentes categorias de produtos.

• Marcada de vestuário de moda: 18-22%
• Marcada eletrônica: 12-16%
• Marcada de bens domésticos: 20-25%

Taxas de associação e assinatura

Em 2022, a VIPShop registrou receitas relacionadas a membros de US $ 412 milhões, representando 1,8% da receita total.

Monetização de dados

A VIPShop gerou aproximadamente US $ 87 milhões dos serviços de monetização de dados em 2022.

Receita de publicidade entre plataformas

As receitas de publicidade da VIPShop atingiram US $ 276 milhões em 2022, representando 1,2% da receita total da empresa.

Fluxo de receita	2022 Valor (USD)
Comissões de vendas on -line	$14,300,000,000
Vendas diretas de produtos	$6,800,000,000
Taxas de associação	$412,000,000
Monetização de dados	$87,000,000
Receita de publicidade	$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.