Alibaba's Tmall Attracts New Brands Ahead of Singles' Day Shopping Festival
Alibaba's Tmall platform witnesses a 239% increase in new brands ahead of Singles' Day. Over 1,700 foreign brands debut on Tmall Global this year to access Chinese consumers directly. "Art toys" category shows explosive growth with over 20,000 new stores opened on Taobao and Tmall.
Foreign merchants are rushing to establish a presence on China's largest online marketplace in preparation for the upcoming Singles' Day shopping festival.
In the third quarter, the number of brands opening official stores on Tmall rose by 70 per cent from the previous quarter, with September being the standout month. Tmall, Alibaba's premium online shopping platform for established brands, has seen an unprecedented influx of new stores.
Foreign brands, such as Japanese toy brand Chiikawa, are eager to make their debut on Tmall in order to tap into the world's second-largest consumer market. This year, over 1,700 foreign brands opened their first Tmall Global store, with the goal of directly reaching Chinese customers.
Chiikawa, known for its beloved characters, opened its first Tmall store in late September, selling items such as plush accessories and stuffed toys. On its opening day, the store was a commercial success, with some items selling out in seconds and generating sales of over 5 million yuan (US$708,135).
The trend of "art toys" or "designer toys," which are frequently created in limited editions in collaboration with artists, is rapidly expanding. Taobao and Tmall Group reported that over 20,000 new stores in this category opened this year, reflecting changing consumer preferences.
Despite domestic economic challenges and slow growth on major e-commerce platforms, foreign brands remain interested in the Chinese market. Retail sales in China increased by 2.1% year on year in August, indicating a resilient consumer base.
The increase in new Tmall stores comes ahead of Singles' Day, the world's largest online shopping festival launched by Alibaba in 2009. As the event approaches, leading Chinese e-commerce platforms are preparing to offer significant discounts and promotions to entice customers.
Alibaba has set aside at least 40 billion yuan to help merchants on Taobao and Tmall during the shopping festival. The e-commerce behemoth is dedicated to maintaining its competitive advantage in the market and ensuring a successful Singles' Day event for all participants.
Alibaba's Tmall platform witnesses a 239% increase in new brands ahead of Singles' Day.
Over 1,700 foreign brands debut on Tmall Global this year to access Chinese consumers directly.
"Art toys" category shows explosive growth with over 20,000 new stores opened on Taobao and Tmall.
Source: SCMP