Oct 23, 2019 (China Knowledge) - The year’s 11 Nov Global Shopping Festival has just launched in Shanghai. It is estimated that over 500 mln customers, with 100 mln more added this year. This translates to one in every three Chinese people will participate in this shopping festival spree.
Jiang Fan, president of Tmall and Taobao said that over the past two years, the customers at Taobao has been expanding with 100 million new users each year, among which 70% are from the third- and fourth-cities, and the annual consumption of these consumers on Tmall platform in the first year is more than RMB 2,000.
Previously, on the Investor Day Conference, the CEO of Alibaba also pointed out that the digital economy’s user scale of Group now has already reached 960 mln, reaching more than two-thirds of the country’s entire population.
Currently, new and exciting products are the core strategy of Tmall. Over 200,000 brands will participate in this year’s annual gala with 1 mln new products on offer. There are more than 10 mln products taking part in the discount activities. It is estimated that consumer savings from brand and platform promotions and coupons could be as much as RMB 50 bln.
Last year, the gross merchandise value of this shopping festival reached RMB 213.5 bln, with the first RMB 10 bln mark reached in merely 2 minutes and 5 seconds.
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