Alibaba Group has pledged to help 2,000 brands reach the 100 million yuan ($15.42 million) revenue threshold on its Tmall site this year through a dedicated new product launch mechanism.
The e-commerce giant is looking to incubate 10,000 new products with 10 million yuan of sales under the so-called Hey Box initiative, where brands leverage consumer insights offered by Tmall to launch new items or speed up product development.
Monthly active users of Tmall Hey Box have reached 180 million, with sales generated through this vehicle accounting for 35 percent of all Tmall transactions last year according to Alibaba Vice-President Liu Bo during a press conference in Shanghai on Thursday.
He said nearly 1,000 brands achieved 100 million yuan in transactions last year thanks to the initiative.
Launched in 2017, Hey Box has helped drive product launches for prestige beauty brands, such as Yves Saint Laurent Beauty, Giorgio Armani Beauty and Clinique, as well as other international brands , such as Kindle, Dyson and Starbucks.