Physix Frontier · News Briefing Card (TMTPost · Nov 9, 2026)

AI Runs Through Double 11, but Merchant Efficiency Gains Don't Bring Matching Growth

KEY FACTS

Taotian, JD, Douyin and Kuaishou all integrated AI tools into their Double 11 shopping flows.
Some merchants estimate AI raised work efficiency roughly threefold, yet transaction volume in the same period grew only 15% to 20%.
Three Squirrels posted 2025 revenue of 10.189 billion yuan, down 4.08% year on year, with net profit falling by 60%.
In the first three quarters of 2026, nationwide online retail sales of goods and services grew 4.4% year on year, slowing from 8.6% for all of 2025.
A survey shows 84.56% of respondents have tried AI-assisted shopping, but only 16.06% believe it can precisely match their needs.

KEY DATA

10.189 billion yuanThree Squirrels 2025 revenue

-4.08%Three Squirrels 2025 revenue YoY

4.4%First three quarters of 2026 online retail sales YoY

419 millionDoubao user base

PHYSIX OBSERVATION

On the e-commerce supply side, AI has driven the cost of image generation, customer service and ad placement down to extremely low levels, but since the tools are available to everyone, the efficiency advantage quickly drops to zero. Platforms are betting the next round of growth on AI shopping-guide entry points, yet consumer trust in precise recommendations remains low. What merchants truly lack is not faster production but a reason for people to place an order, and AI cannot yet fill that gap.

Source: TMTPost report