Alibaba-owned Tmall has joined forces with some of the world’s leading market research consultancies, with a view to bolstering product development for companies that sell via its site.
Through its research and development arm, Tmall Innovation Center (TMIC), the B2C platform has formed an alliance with 10 firms – including Nielsen, Kantar TNS and Euromonitor International – to help brands “power up in-house innovation”.
The companies will work collaboratively on specialised analytics and research methodologies to deliver “richer and more-precise consumer insights”, thereby reducing the time and expenses required for brands to develop and launch new products, TMIC said in a statement.
“For most leaders in the field, when it comes to their annual strategic product launches, failure is not an option. They need to hit targets,” said Liu Bo, president of Tmall marketing and operations.
“The TMIC team helps our close brand partners to generate precisely targeted market awareness, as well as meet their expectations for future product launches.”