China is the world’s largest consumer market. For brands, this means a major market opportunity, but one that requires accurate insights and a sound strategy to capture.
This need has led Tmall to develop a robust brand incubation system and a host of marketing tools to help brands begin or expand their engagement with Chinese consumers. The incubation program has several key pillars:
- Market intelligence as a way for brands to understand consumer trends and tailor their strategies accordingly.
- Marketing strategies that provide brands with the tools needed to engage with their audiences effectively.
- Local reach for international brands, making the China market more accessible to more brands from around the world.
“Tmall aims to incubate 1,000 new brands with annual sales above RMB100 million and 100 brands with annual sales over RMB1 billion over the next three years.”
Tmall’s suite of services are an essential toolbox for brands to engage with their target consumers – features include Tmall Innovation Center (TMIC), Hey Box and Taobao Live among others. The attractiveness of Tmall among brands has been growing and shows little signs of stopping – in last twelve months ended June 30 this year, the platform saw a 70% increase in new brands year-on-year.
With this year’s 11.11 Global Shopping Festival just around the corner, brands are preparing to delight customers with a wealth of new products. Last year over 200,000 brands participated and one million new products were on offer. Building on this momentum, in September Tmall announced plans to incubate 1,000 new brands with annual sales above RMB100 million and 100 brands with annual sales over RMB1 billion over the next three years.
In addition to regarding 11.11 Global Shopping Festival as a discount shopping holiday, the Festival has also become an opportunity for brands and retailers to increase their visibility among Chinese consumers by launching new products and brands.