Alibaba’s online retailing site Tmall said it is considering using its data insights for new product launches and expects to provide support for 100 new products with annual transactions of 100 million yuan (US$14.7 million) this year.
Tmall President Jing Jie said it aims to use the online retailer’s technology, supply chain capabilities and online marketing prowess to support merchants to boost new product sales. “Helping merchants with new product launches to drive further sales growth is among our top priorities in 2019,” he said.
Consumers are continuing to seek niche products as a reflection of individual tastes and desire for products of higher quality.
Last year, Shanghai consumers topped domestic cities in terms of spending on new products, reaching 3.9 times the nationwide average level. Digital gadgets, apparel, beauty and personal care products and home decoration items are among the top selling new offerings.
In 2018, more than 50 million new products from 200,000 local and foreign brands hit the market through Alibaba’s retail platform Tmall.
The number of new products unveiled there surged three times in 2018 from a year ago, with the most popular categories including lipsticks, handbags, smartphones and home electronics.
Tmall Innovation Center, the retail innovation arm of Tmall set up in early 2018, is helping brands tap into the Chinese market, using precise market analysis, real-time consumer insights and product concept testing.
Internet companies are using their connections with consumers to seek out new offerings that differ from ordinary retail merchandise.
News Source: Shine
