Taobao and Tmall Group Kicks Off 11.11 Global Shopping Festival 2024 with RMB30 Billion of Consumer Benefits
HANGZHOU, CHINA - Media OutReach Newswire - 14 October 2024 - Taobao and Tmall Group ("TTG"), Alibaba Group's domestic commerce business, is kicking off its 16th 11.11 Global Shopping Festival ("11.11" or "Festival") today by putting users first with unprecedented shopping incentives. TTG will offer RMB30 billion ( ~US$4.2 billion) worth of vouchers and red packets in anticipation of the record-high volume of users participating in this year's Festival.
"This year's 11.11 is unfolding as Chinese consumer sentiment is improving. TTG serves China's largest and most valuable consumer base, and is well positioned to capture and further boost rising consumer confidence and activity," Bo Liu, Vice President of Alibaba Group and President of Tmall, said. "We are making unprecedented investments to incentivize our users and support our brands and merchants to drive high-quality growth. We are excited about the high level of merchant participation and robust product offerings, which have exceeded expectations. We have strong confidence in branded products sales growth this 11.11."
The presale of 11.11 will begin at 8:00 p.m. Beijing time on October 14. There will be two checkout periods: the first one from 8:00 p.m. on October 21 until the end of the day on October 24 and the second one from 8:00 p.m. on October 31 until the end of the day on November 11.
For consumers: doubling down on 88VIP membership
Driven by our user-first strategy, TTG is accelerating user investment this 11.11. The platforms will offer RMB30 billion worth of spending incentives through coupons and red packets, on top of a 15% discount and "RMB50 off every RMB300" promotion.
TTG will double down on exclusive benefits and services for its 88VIP members, currently the largest paid e-commerce membership in China with over 42 million paying members. 88VIPs will receive exclusive high-value coupons, the total value of which will be greater than the RMB20 billion distributed last year. They will also enjoy exclusive interest-free installment payment privileges and premium return service.
The value and frequency of product categories vouchers and red packets distributions will progressively increase throughout the Festival. For example, Taobao Live, the live-streaming commerce channel, will distribute RMB2 billion worth of red packets in conjunction with merchants and partners. Each user can collect up to RMB1,500 daily across the live stream rooms.
The RMB10 Billion Subsidy program features the best deals for branded products and offers discounts of up to 80% off. To date, this program has over 500 million active users.
User experience has been further improved this 11.11 with easy-to-understand product information and a new payment option. TTG team will work with merchants to ensure simplified pricing on the product listing page so users can easily see the final sale price. The introduction of WeChat Pay in late September also offers mainland China users an additional payment option for their purchases.
For merchants: Robust measures to capture the most significant growth opportunities
This year's Festival will host around 300,000 brands and a multitude of SME merchants, with the number of products on offer exceeding expectations. In the September quarter, the number of newly launched brands on Tmall increased by 70% quarter-over-quarter. This is a strong testimonial for TTG's latest industry-leading support initiatives to help merchants achieve quality growth within a cost-efficient and optimized operating environment.
For this 11.11, TTG will invest RMB10 billion to boost cross-platform traffic and RMB3 billion to subsidize merchants' marketing costs. Commissions will be waived for Taobao store owners participating in 11.11.
These investments are in addition to previously announced merchant support initiatives introduced ahead of the Festival, including:
•Optimization of "refund-only" policy: Since the launch of the upgraded policy in August, Taobao has intercepted over 400,000 unreasonable "refund-only" transactions daily. At the same time, the proportion of merchants with high Store Experience Scores (4.8 or above) has increased to 36%. The increase in high-quality merchants has reduced Taobao's intervention for refund-only scenarios.
•Reduction in Return Logistics Costs: Tuihuobao, a new return service launched in September, has served ~1 million merchants. It has reduced merchant return order logistics costs by 23% in the past week. TTG will also offer discounts for SMEs during this 11.11, further reducing their logistics costs for return orders.
•Upgraded AI Tools for Merchants: The AI-powered analytics platform Business Advisor has served over three million Taobao SMEs since April. TTG's AI tools for image and text generation are frequently used by over one million merchants weekly. 74% of merchants using TTG's AI image generation tools have reported savings equivalent to hiring a full-time graphics designer.
Immediapress
Jiangxi’s Intangible Cultural Heritage: Preserving...
NANCHANG, CHINA - Media OutReach Newswire – 15 November 2024 - Recently, at the 8th China Intangible Cultural Heritage Expo, Jiangxi's paper-cutting, traditional Chinese medicine, ceramics, and other intangible cultural heritage crafts gained great attention from many media outlets and visitors.
https://youtu.be/nYpz08oadds
Jiangxi's intangible cultural heritage is rich and varied. These crafts and projects not only reflect the remarkable achievements of Jiangxi people in opera, textile, ceramic production, folk culture, and other areas but also showcase the diversity and uniqueness of Jiangxi culture.
Jiangxi Ruichang paper-cutting is one of the national-level intangible cultural heritages. During festivals such as the Spring Festival and Mid-Autumn Festival, local residents will use ordinary red paper to cut out patterns of flowers, birds, insects, fish, and other designs, expressing their aspirations for a wonderful life.
The skills of Chinese herbal medicine processing are also techniques accumulated over thousands of years by Jiangxi people, attracting the attention of many foreign friends. Jiayi, a graduate student majoring in acupuncture and thermosensitive moxibustion at Jiangxi University of Chinese Medicine, is currently learning the skill of processing Fructus Aurantii.
In Nanchang, Jiangxi, porcelain plate painting has been handed down through generations. This craft involves painting on porcelain and firing it, developing on the basis of traditional Chinese painting techniques, ceramic painting, and Western photography. It is now also popular among young people.
Jiangxi's intangible cultural heritages originate from the lives of ordinary people and reflect the unique local materials and culture. These special skills are also favored by many international students.
Recently, Jiangxi will also hold a series of intangible cultural heritage performances, hoping that more young people and overseas friends can learn about these crafts' culture and ensure they are passed down and preserved for future generations.
Immediapress
Trade Republic has passed on more than 1 billion euro in...
• Trade Republic set a new standard for the banking industry, by passing through the ECB interest rate directly to its customers since January 2023. This accumulated to more than 1 billion euro in interest payments in under 2 years.
• Europe's largest savings platform is thus once again demonstrating its commitment to change the status quo as the average European household loses over 700 euro per year, by not getting enough interest on their cash deposits.
• With 3.25 percent interest per year, 1 percent Saveback on card payments, and free savings plans, Trade Republic offers the fairest savings options for all Europeans.
BERLIN, GERMANY - EQS Newswire - 15 November 2024 - Trade Republic, Europe's largest savings platform, has reached the next milestone: Since the introduction of the interest offer in January 2023, over 1 billion euro in interest has been passed on to customers across Europe. For several months now, Trade Republic has been setting a new standard in the banking industry by passing the full ECB interest rates directly through to its customers. The average European household loses over 700 euro per year by not receiving enough interest on their cash deposits according to the latest figures shared from the European Central Bank.
"It's a wide belief that banks only serve their needs and neglect the customer. With Trade Republic we strive to change that. We pursue to offer the most attractive banking offering, fair and transparent. That's why we pass the full ECB interest rate to our customers. While all other banks keep a margin to themselves, introduce hidden conditions and time limits", says Christian Hecker, co-founder of Trade Republic. "With our 1 percent Saveback offering on all payments, free ETF savings plans and 3.25 percent interest per year on uninvested cash, a new generation of European savers can now shape their entire financial life with Trade Republic."
According to the latest figures from the European Central Bank the average European household receives just 0.37 percent interest per year. At the same time, 200 Million European households hold around 5 trillion euro in overnight deposits in their accounts. To put this into perspective: The average European household receives an annual interest of 93 euro on their savings, losing over 700 euro by not getting the full ECB interest rate, unlike Trade Republic customers.
Over recent years Trade Republic evolved from a brokerage platform to a broad savings platform with a banking license including an interest bearing account and a card that automatically invests 1 percent of card payments into an asset of your choice, free of charge. Connecting every banking feature with the most efficient way of saving and investing underlines the company's claim to continue to be an innovation driver in the financial technology industry in Europe.
About Trade Republic
Trade Republic is on a mission to set millions of Europeans up for wealth creation with secure, easy and commission-free access to capital markets. With customers across 17 European countries and billions of assets under management, Trade Republic is already the home screen app for many Europeans to manage their wealth. It offers savings plans, fractional trading of shares, ETFs, bonds as well as derivatives and crypto and, from January 2024, the Trade Republic card with a 1 percent Saveback reward. Trade Republic is a full-service bank and is supervised by the Bundesbank and BaFin. As Europe's largest broker and leading savings platform, Trade Republic has received growth capital from leading global investors such as Accel, Peter Thiel's Founders Fund, Ontario Teachers', Sequoia and TCV. The Berlin-based company was founded in 2015 by Christian Hecker, Thomas Pischke and Marco Cancellieri.
Immediapress
Chancay to Shanghai — Alpacas on the Move
LIMA, PERU / SHANGHAI, CHINA - Media OutReach Newswire - 15 November 2024 - "From Chancay to Shanghai," this expression has become quite popular in Peru, and it has finally become a reality.
https://www.youtube.com/watch?v=0xQOius-1i4&t=1s
China's financial hub Shanghai, which has the world's largest port, is expected to welcome more goods from Latin America. And from Shanghai, these products will be shipped throughout Asia.
The Chancay Port, which was constructed by Chinese companies, allows cargos to be shipped directly from Peru to China — the short transit time will only be 23 days. It has officially opened on November 14.
The port is expected to generate 4.5 billion US dollars of annual economic benefit for Peru, accounting for 1.8% of the GDP. It will also provide thousands of direct and indirect jobs for local people.
All these mean immense business opportunities to Peruvian entrepreneurs.
Alpaca plush toy makers Ysabel Zea has been doing business with China for eight years. She has been attending the China International Import Expo for three years for showing her new products to Chinese consumers.
In the past, it took over 60 days for goods to be shipped from Lima to Shanghai. But the shortening transit means a lot to her.
"It means future. It means works for more artisans in Peru. It means opportunities, more income for families, better education for sons and daughters. It means just hope," says Zea.
It's not only about China and Peru. The Chancay Port also provides growing space to the Asia-Pacific region.
Cargo shipped from Peru to China can make a stop in Shanghai and then go to places like Japan, South Korea and South East Asia.
That means residents in Asia will have better opportunities to enjoy fresher coffee, avocados and blueberries from Latin America.
To Peruvian exporters like Ysabel Zea, the Chancay Port also means their products can reach a larger market.
"Now with the new port of Chancay, many opportunities acome. It will be easier for us to bring our products here to Chancay and then to Shanghai," says Zea.
Now, "From Chancay to Shanghai," this expression has become a reality.