Tmall looks to accelerate new product launches in 2020
Tmall has announced that it will expedite new product launches in the coming year through tie-ups with brands from home and abroad.
It aims to offer 300 new products each with sales over 100 million yuan (US$14.2 million) in 2020 and it expects more than 75 percent of merchants will launch new products through online channels this year, with consumer electronics, appliances and apparel being top categories.
Shanghai, Beijing and Guangzhou were the top cities with the largest amount of spending for new products on Tmall last year.
General manager of Tmall's platform operations division Jia Luo noted that consumer data would be crucial for successful product launches.
More than 35 percent of transactions on Tmall are contributed by new product launches, up from 24 percent in 2017, and over 500 brands saw new offerings record 100 million yuan in sales on Tmall last year.
The e-commerce platform also aims to provide one-stop service for new product launches, including consumer insights, research and product development, marketing and sales.
Female shoppers are more fervid pursuers of new offerings and consumers in lower-tier cities have also showed strong appetite for new products, according to Tmall data.
Consumer goods companies from home and abroad including Unilever, L'Oreal and Liby have set up joint teams with the e-commerce giant to offer new products to local shoppers.
New product sales during the Singles Day shopping festival last year added 10 billion yuan from a year earlier, and more than 30 million types of new products were on sale during the 24-hour event.