What happened: Alibaba’s business-to-customer market place Tmall will introduce a new format for flagship stores on the platform. Dubbed Flagship Store 2.0, the updated format places likely purchases, recommendations on the best discounts, and custom content offerings in a more prominent way. The company plans to launch the reformatted look ahead of the Singles’ Day shopping festival on November 11 but offered no further specifics.
Why it’s important: The upgraded flagship store interface is expected to improve user experience in order to drive growth in support of Tmall President Jiang Fan’s ambitious goals. Jiang has stated plans to double Tmall’s transaction volume over the next three years. Since its launch, Tmall has grown quickly on the back of growing consumer demand for authentic goods. Its gross merchandise volume (GMV) for physical goods accelerated to 33% year over year in the quarter ended March 31, 2019, from 29% in the previous quarter.