Tmall Innovation Center is able to design and incubate products more precisely and efficiently based on data from 600 million consumers. It has successfully incubated over 300 new products covering more than 600 premium brands and also shortens the R&D cycle to 6 months.
China's internet giants are moving actively to offline. Alibaba, Tencent, and JD all invest heavily in offline retailers, mainly focusing on the top 100 chain retailers.
Related: Internet economy overview 2019: China vs. the U.S.
The top 5 e-commerce players represented 83.4% and 64.8% of total online retail sales in China and the U.S., respectively. China's top 5 e-commerce players invested US$101 billion to 15 domestic offline retailers, several times higher than their counterparts in the U.S.
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