P4P is an advertising model launched by Alibaba, namely "pay by effect" advertising. Compared with the traditional CPC (Pay-per-click), this advertising model is an advertising form with specific effects as the payment standard. In P4P advertising, the advertiser only needs to pay when the user clicks on the advertisement and realizes the transaction. The advertiser can control his advertising cost more accurately and reduce the waste of invalid traffic.

P4P advertising has many characteristics. First of all, its advertising content will be closer to the content searched by users, increasing the possibility of advertising clicks. Secondly, because this model pays for the effect, advertisers only need to bear the cost for the actual effect to avoid the waste of invalid traffic. In addition, in P4P advertising, advertisers can set different bids for different search terms, thus controlling their own advertising costs and benefits.

P4P advertising is an indispensable part of Alibaba's e-commerce ecosystem and one of the main sources of Ali's internal income. Under the normal P4P advertising mode, advertisers need to participate in bidding and bidding adjustment to achieve the best advertising effect. In addition, Ali also provides self-help marketing tools, such as drilling exhibitions and bidding assistants, to help advertisers better deploy and manage advertisements.