Alibaba Group Holding Limited (NYSE: BABA) plunges over 12.03% to $63.50 in pre trading session on Monday as It officially launched the 14th edition of its 11.11 Global Shopping Festival, which included over 290,000 brands. This year, Alibaba will provide merchants with tools and solutions to help them build their brand loyalty membership programs, as well as launch new items, to help them flourish during and after 11.11. To present, over 40 companies on Tmall have loyalty membership programs with over 10 million members, and 600 brands have programs with over one million members.
The President of Industry Development and Operation Center of Taobao and Tmall, CEO of Alibaba Group, Chui Xue stated that 11.11 this year will feature the most varied selection of goods in the event’s history, with 17 million products made available to more than one billion consumers who use their platforms regularly in China. This is made possible by the support of our international brands and merchants.
He added “11.11 is the most powerful engine for our merchants’ customer growth every year. Transforming consumer awareness into customer loyalty is key to generating the best return on investment. We will introduce technology and business innovations while enhancing supply-demand matching and loyalty membership management, to support our brand and merchant partners. Ultimately, we aim to turn customer assets into the most important driving force for merchants’ long-term business growth.”
Along with other measures, Alibaba will assist retailers in recruiting loyalty members to encourage the wider use of membership systems as a tool to draw in, engage, and keep customers for retailers on its platforms.
This 11.11 will see the launch of new goods, including clothing and accessories from top luxury labels Moncler and Ferrari, both of whom recently launched flagship stores on Tmall. Numerous companies will also exhibit the results of product innovations they’ve incubated using information from the Tmall Innovation Center (TMIC).