On September 22, 2020, Alibaba’s 1688 platform held a live online ordering meeting. This has completely changed the thinking habits of SMEs. The two-day order fair for digital home appliances flooded with 720,000 buyers to watch online, which is equivalent to the traffic of 7-8 large offline exhibitions.
What’s more amazing is that there is 1 transaction for every two leads!
In the past, traditional manufacturing companies have been at the bottom of the industrial chain, and factories lacked sales. Uncertainty in orders is the norm, and companies can only participate in the exhibition non-stop. At the other end of the industry chain, due to information asymmetry, buyers cannot find good factories and supply chains, cannot obtain good sources of goods, and cannot meet domestic demand.
Use big data to match supply and demand to solve the “difficult order”. 1688 will carry out 50 online new product ordering fairs in ten categories such as department stores, digital home appliances, accessories, women’s clothing, underwear, shoes and boots, children’s clothing and toys, men’s sports and outdoor, to help small and medium-sized enterprises solve their difficulties and realize digital transformation.
The sellers of this order fair were selected by 1688 from millions of merchants through the big data model. 1688 accurately pushes buyers’ pages to sellers based on indicators such as shop opening time, price range, patent certificate scope, and prices of the same quality products.
Plagiarism has always been a stubborn disease of offline exhibitions, and it is also a pain point of online exhibition of new products. Therefore, companies dare not print their new products on the catalog. At the order fair, Ali 1688 used big data to effectively prevent plagiarism, shielding peer sellers from viewing live content, and achieving new products in only 5 seconds. Online ordering will become the starting point for merchants to launch new products on the entire network.
The 1688 platform was fully upgraded, and three digital platforms including integrated processing customization, wholesale distribution and retail were launched for 6.7 million manufacturing companies across the country. 1688 is building China’s largest factory search engine to help manufacturing companies develop rapidly.
The latest “Report on the Digital Transformation of Industrial Belts” released by the Ministry of Commerce of China shows that up to now, the Ali 1688 platform has covered 172 first-level industrial belts, accounting for about 70% of the number of first-level industrial belts in China, and has become the main means of digital transformation for SMEs.