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In the Single’s Day shopping festival last week, the American luxury accessory company Coach IP Holdings LLC launched the first-ever 3D shopping feature on Alibaba Group Holdings Ltd’s (NYSE: BABA) Tmall Luxury Pavilion. This feature created an immersive shopping experience in Coach’s Fifth Avenue Boutique in New York, according to Alizila.
What Happened: Coach’s virtual experience was well-received by Chinese shoppers. In the first hour of the Single’s Day presales, the luxury brand’s gross merchandise value (GMV) shot up to $1.51 million.
Coach beat the 2019 record for its full-day sales in under sixty minutes of the official event launch.
At the end of the shopping festival, Coach’s GMV increased by seven times compared to its previous year’s performance, becoming the leading luxury brand under the Handbags, Luggage, and Leather goods category.
Coach’s President for China, Yann Bozec, said that “Chinese consumers love fashion and are highly digitally engaged.”
Bozec, who is also the Asia Pacific President for Coach’s parent company, Tapestry, added that China is a vital market for the company and “also an inexhaustible source of inspiration for our brands to seek breakthroughs and innovations.”
Why Does It Matter: Alizila attributed Coach’s success on the Single’s day event to its innovative gamified shopping experience. Aside from the virtual Fifth Avenue tour, Shoppers could also explore the virtual store and discover perks, similar to online games. Other features include daily rewards for visiting the store, sharing campaigns with friends, and becoming an exclusive brand member.
During the one-day shopping festival, China’s e-commerce giants Alibaba and JD.com Inc (NASDAQ: JD) collectively generated close to $116 billion in GMV. Alibaba held the lion’s share exceeding $75 billion, while JD.com reported close to $43.17 billion.
Among the sellers, the United States featured at the top of the leaderboard, followed by Australia, Germany, Japan, and South Korea.
Price Action: BABA ADRs are trading higher by 0.50% at $259.59 in the pre-market session on the last check Tuesday.
Image Courtesy: Wikimedia
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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