Tmall, Alibaba's brand-to-consumer site, said that in 2020, it hopes to help incubate 300 new products with sales of over 100 million yuan and help 1,000 brands to achieve sales of over 100 million yuan.
In 2019, the number of new products released by Tmall exceeded 100 million for the first time, which doubled the promise made last year.
In the past year, the search term for "new product" keywords on the mobile Taobao App reached 10 billion times, sales of more than 500 brand new products exceeded 100 million, and the number of consumers buying new products increased from 75 million to 83 million.
At the same time, the success rate of new products increased from 5% to 60%, which increased the brand refresh rate by 1.7 times.
The time for new product development has been shortened from two years to six months, and the time from new product launch to becoming a popular model has been shortened by one month at the fastest.
