Alibaba Group Holding claimed progress in the use of its digital marketing tool Quanzhantui – a key measure to boost monetisation of its Taobao and Tmall marketplaces – six months after the company launched the product.
Quanzhantui, a digital marketing tool for merchants, has been closely watched since it was rolled out by the Taobao and Tmall Group (TTG), Alibaba’s domestic e-commerce unit. Alibaba also owns the South China Morning Post.
The AI-powered tool, which became fully available to sellers in August, served over 250,000 merchants and more than 1.3 million products on the first day of Alibaba’s Singles’ Day promotion, which began on Monday and is billed as the world’s largest online shopping festival, according to Eddie Liu, who heads marketing and branding business at Alimama, TTG’s digital marketing platform.
The tool helped merchants grow their average gross merchandise value (GMV) by 66 per cent over the previous day, Liu said at a recent media briefing at Alibaba’s headquarters in Hangzhou, capital of eastern Zhejiang province.
The progress disclosed by Alibaba signals how the company is ramping up its efforts to boost revenue earned on its platforms, as growth rates come under pressure from a slowing domestic economy and heightened competition in the e-commerce field.