Operator: The next question comes from Vicky Wei with Citi.
Vicky Wei: [Foreign Language] Will management provide some color about the recent progress of the marketing service business and the performance of the Double 11 performance? How should we think of 2024 outlook for this business?
Zhou Yuan: [Foreign Language]
Iris Liu: This is Zhou Yuan. To introduce some of the noticeable progress of our Double 11 campaign, our content commerce solutions business has made some historical marks for the past Double 11 campaign.
Zhou Yuan: [Foreign Language]
Iris Liu: So for some of the specific progress or metrics we have achieved for the Double 11 campaign, during the Double 11 period, our relevant content search volume has increased year-over-year by about 188%. And in terms of our average selling price of our commerce products, the average selling price has achieved more than USD 1,300.
Zhou Yuan: [Foreign Language]
Iris Liu: And in terms of different variables of our content — of our marketing services, firstly speaking for our IT, 3C and home appliances sectors, the business volumes have achieved double-digit growth year-over-year. And for other sectors like outdoor and consumption and cosmetic products, the growth is also noticeable.
Zhou Yuan: [Foreign Language]
Iris Liu: We have established cooperations or partnerships with a lot of e-commerce platforms in terms of our data and other aspects. And during the Double 11 period, the transaction volumes and the new client rate for our marketing services have also increased noticeably.
Zhou Yuan: [Foreign Language]
Iris Liu: For some of the verticals of our marketing services, the conversion rate of these verticals has reached about 8%. That is to say, among 100 of the people who have visited our platform, about 8 of them have been successfully converted.
Zhou Yuan: [Foreign Language]
Iris Liu: We have been targeting new generation professionals starting from this year. It’s one of our key targeted users. And in this year, we have noticed some trends, interesting trends. For example, some of the lifestyle-related consumptions have increased significantly in our platform, for example, some of the cameras and washing machines or high-quality IT, 3C products.
Zhou Yuan: [Foreign Language]
Iris Liu: And another interesting trend we have noticed is that in our content platform, our users is very reliant on the introduction of the professionals in their introductions of their different products, especially some detailed metrics of these products. For some of the products such as LED or different electronic devices, the transaction volume has almost doubled or tripled in our platform.
Zhou Yuan: [Foreign Language]
Iris Liu: Another thing is that thanks to our continuously improved data establishment and our data cooperation with different e-commerce platforms, the data capabilities of our platform has significantly improved. And in this way, our content commerce solutions and content recommendation capabilities have also converted or translated into higher ROI for performance-based marketing services.
Zhou Yuan: [Foreign Language]
Iris Liu: And finally, as an outlook for next year or Q4 of this year, in the fourth quarter of this year we have noticed a recovery trend for our marketing services. And with the enhancement of our performance-based marketing solutions, we are confident that next year our marketing services will see a more noticeable recovery.
Operator: The next question comes from Daisy Chen with Haitong International.
Daisy Chen: [Foreign Language] I will translate myself. My question is about the education business. We noted that Zhihu’s education segment’s year-on-year growth rate is still quite strong this quarter. So can management share your view on the growth rate and the margins for your Vocational Education business for the next few quarters?
Zhou Yuan: [Foreign Language]
Iris Liu: This is Zhou Yuan. In terms of our revenue from the Vocational Training business, it’s rapidly growing. For this quarter, the revenue from Vocational Training has grown 85% year-over-year compared to the same period last year. And during the first half of this year, the revenue of Vocational Training business is already comparable to the full year last year.
Zhou Yuan: [Foreign Language]
Iris Liu: And speaking of the different varieties of the vocational training courses provided by our business, it’s actually serving the similar demand of the same audience or the same target group of our platform, the new generation professionals. And our courses help them to grow in terms of their personal development and their career development and also education certification. And in our platform, we already have about more than 10 kinds of courses in our platform.
Zhou Yuan: [Foreign Language]
Iris Liu: And we have paid attention to the data in terms of the user growth in our business operation. And I will give a more specific example.
Zhou Yuan: [Foreign Language]
Iris Liu: In this quarter, the Vocational Training business has seen a very interesting trend. For some of the genres provided in our platform, such as ESG or Artificial Intelligence-related courses, it’s very catered to the growing demand of the market to fulfill the career growth of our users. For example, the AI-related courses have seen almost double or triple growth in the recent months.
Zhou Yuan: [Foreign Language]
Iris Liu: And moving on to the future, I think our key focus will be focused on the expansion of the different kinds of courses in our platform. And also with the help of AI, our operating efficiency will be enhanced.
Zhou Yuan: [Foreign Language]
Iris Liu: And in this industry, we have seen that there is a large room for improvement or the digitalization or enhancement in this industry. And what we are doing currently is that we are focusing on integration and operating efficiency enhancement for this segment. And with the help of the business expansion and commercialization, we are confident that the investment or commitment we have made in this segment will be seen in the future.
Henry Sha: Daisy to conclude, so – we have the focus on our Training business, okay? So I think this Vocational Training business will achieve more than like a 20% year-over-year growth in next year. But as Zhou Yuan, our CEO mentioned, we made a technology investment, integration in this business. So we believe that it is still like in the investment stage of the business.
