As a brand in its entirety, token participated in this year's Double 11 for the first time. However, with the launch of Double 11 inventory sales, reporters observed that most of the token products, which also made their debut on Double 11 this year, are not participating in any promotional activities. As a result, they stand out as outliers amidst the overall festive shopping atmosphere.

Before Double 11, e-commerce platforms were still actively promoting large model manufacturers to set up their services on their platforms. "Being able to purchase token during Double 11" became one of the key competitive advantages for these platforms during this promotional season. In September this year, Tmall launched the token recharge center called "AI Space," which attracted companies such as Zhipu, Alibaba Cloud, and Qianwen Office to open stores on Tmall. MiniMax also officially joined Tmall on October 13th. JD.com also launched AI token service stations during Double 11, bringing together mainstream large models like Deepseek, Zhipu, GLM, and Huoshan, and opened a Zhipu JD self-operated flagship store.

E-commerce platforms are also secretly competing in the new category of token. Jia Luo, President of Tmall, emphasized in a media interview during the Double 11 press conference that Tmall currently has the most comprehensive lineup in the token category, bringing together the largest number of large model companies to sell token on Tmall.

But as of now, reporters have observed that, compared to "selling token", this year's Double 11 campaign has focused more on letting consumers know that "e-commerce now allows them to buy token".

On one hand, token manufacturers do not regard Double 11 as an important promotional event. Reporters contacted customer services of JD Cloud's own flagship store, Tmall's MiniMax flagship store, Alibaba Cloud's official flagship store, etc., and learned that the aforementioned stores do not have any token products participating in the Double 11 promotional activities this year. Zhipu is one of the few token merchants participating in this year's Double 11 discounts. JD Zhipu's GLM Coding Plan Lite monthly subscription has been reduced from the original price of 118 yuan to 115 yuan, and the same product is available at a starting price of 116.9 yuan during Tmall's Double 11 flash sales, with the discount amount not exceeding 3 yuan, which is more of a symbolic reduction.

On the other hand, e-commerce platforms are not very willing to invest in subsidies for token categories. In contrast, even in the past when brands such as Apple were not keen on reducing prices during major promotions like Double 11, e-commerce platforms would often use platform subsidy vouchers and category-specific vouchers to lower the prices of related products. However, regarding this year's token category, Jialuo stated that the platform will not provide any specific discounts in this regard for the time being.

Reflecting in sales figures, data from Taobao's Double 11 first day shows that the token category, which made its debut on Double 11, saw a 450% increase in transactions compared to the previous month. However, token did not achieve significant sales in the e-commerce channels. Page information indicates that JD.com's Zhipu GLM Coding Plan Lite monthly card has only sold "100+ units," while Tmall's Zhipu flagship store has accumulated approximately 300 sales of all token products, and since its launch, the MiniMax flagship store has sold over 100 units of products.

Behind the concept in e-commerce of "excessive promotion outweighing actual sales" (represented by token), Jialuo revealed that during this year's Double 11, the platform had more discussions with large model companies about how to create product bundles for this event. For instance, beauty products were packaged into different sets to cater to various needs. He stated that the platform aims to collaborate with model manufacturers to reach specific consumer groups, such as family users, those engaged in learning and research, as well as individuals running one-person companies or small teams of three. However, these are certainly not new categories that all consumers would be interested in purchasing.

Although making its debut during Double 11, token still has a long way to go in terms of e-commerce channel operations. With weak promotions and restrained platform subsidies, at its core, token remains a category with a relatively niche and limited consumer base and does not yet possess the potential for explosive growth as a mass consumer product. Additionally, the pricing logic of token products differs from the price comparison and discounting practices of traditional e-commerce. Dongfang Securities points out that as we enter 2026, pricing models begin to diverge; homogeneous and general-purpose models continue to see declining prices, while high-end models with advanced capabilities such as complex reasoning start to command higher premiums. The token market is transitioning from simple price competition to a more refined competitive model based on tiered pricing.

From this perspective, this year's Double 11 seems more like the beginning of an e-commerce battle for the sales channels related to token. Many questions remain about how traditional e-commerce platforms can create new sales opportunities (represented by AI), but under the pressure of growing demand in traditional product categories, meeting new needs (represented by AI), and seeking additional growth and new stories, has become a new challenge that e-commerce platforms cannot avoid.

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