On Double Twelve, Taobao and Jingdong went all out in a fierce competition.
Taobao's slogan was the "Nationwide Shopping Spree," offering 50% off and free shipping on all items. Wealth Treasure also launched a "Top up 100, get 100 back" promotion.
Ma Liyun was a shrewd operator. He was using Ah Li's marketing budget to promote his own Wealth Treasure, aiming to increase the payment tool's market share.
Even frequent online shoppers had an instinctive distrust for third-party payment software like Wealth Treasure.
Most people paid with their online banking or transferred just a few dozen yuan into their Wealth Treasure account at a time, topping it up only after the balance was spent.
But Ma Liyun had high hopes for Wealth Treasure and certainly wasn't going to sit around and wait for users to come to him. That's why he activated "cash-burning mode" for this Double Twelve promotion.
