Alibaba Group Holding reported progress in the use of its digital marketing tool Quanzhantui – a key measure to boost monetization 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 its rollout by 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 more than 250,000 merchants and more than 1.3 million products on the first day of Alibaba’s Singles’ Day promotion, which kicked off Monday and is billed as the world’s largest online shopping festival. , according to Eddie Liu, who leads marketing and branding activities at Alimama, TTG’s digital marketing platform.
The tool helped merchants increase their average gross merchandise value (GMV) by 66 percent from the previous day, Liu said at a recent press conference at Alibaba’s headquarters in Hangzhou, capital of the province. eastern Zhejiang.
The progress revealed by Alibaba shows the company is stepping up efforts to increase revenue generated by its platforms, as growth rates come under pressure from a slowing domestic economy and increased competition in e-commerce. .