In addition, the differentiation, diversity and high value-added products provided by e-commerce platforms are increasing, and the proportion of service in e-commerce sales is getting higher and higher, which are obvious signs of the high-quality development of the e-commerce industry.

The new e-commerce with algorithm recommendations and social media is constantly iterating the "search mode" of traditional e-commerce. Taking Pinduoduo as an example, by using algorithm recommendations and social media marketing, it has transformed the sales mode from "consumers searching for products" to "products searching for consumers."

In order to upgrade consumers' experience, e-commerce giants have completed a logistics revolution.

For example, through the presale mode, JD.com has started warehousing production the moment when consumers pay a deposit. The presale goods arrive at the nearest express station before the final payment is made. When the balance is received, JD.com can deliver the goods to consumers within minutes.

Under the background of fierce competition among various platforms, Netease has withdrawn from Double-11 competition this year. Netease claims that it will not engage in complex promotion and return to the essence of rational consumption this year.

Perhaps after more than ten years of development, Double-11 will see more new consumption concepts emerge.

Liu Chunsheng is an associate professor at the Beijing-based Central University of Finance and Economics, and deputy dean of Blue Source Capital Research Institute.