Oct 15, 2018 (China Knowledge) - Tmall, an e-commerce platform of Alibaba Group Holding Ltd <BABA:NYSE> has formed an alliance with 10 global market research powerhouses such as Nielsen, Ipsos, GFK, AdMaster and Euromonitor International.
Through its alliances with world leading market research consultancies, Tmall Innovation Centre (TMIC), the research and development arm of the platform, seeks to empower in-house innovation and product development.
Tmall is the largest business to consumers (B2C) platform in China catering to consumers looking for branded products and a premium shopping experience. The platform hosts a large number of international and Chinese brands and retailers.
The companies involved will be looking into the development of specialized analytics and research methodologies through sharing, driving richer and more-precise consumer insights that will help shorten time and cost for brands when incubating new products.
TMIC was officially launched by Tmall last year to offer brands with a unique end-to-end solution for product creation. Their expertise in the Chinese market can better assist brands reach out to targeted consumers.
Large brands such as Procter & Gamble, Unilever, Estee Lauder, and Samsung are among the 81 companies that have worked with TMIC on new product innovation since the launch of such services. Through this partnership, TMIC has helped debuted an estimate of 300 products, with majority of them taking only less than six months to developed and marketed. The average conceptual development cycle is 18 to 24 months, longer than the average time TMIC has taken to help conceptualize and develop a new product for the market.
Besides the expertise TMIC has with regards to the Chinese market, these brands can also tap on the insights from Alibaba’s users base of over 600 million people. Tmall has also managed to position itself as a prime marketing destination to debut new products developed by brands as 12 million new products were inaugurated through Tmall’s platform last year.
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