Alibaba is launching its new offline “one RMB” store, a concept similar to the UK’s Poundland, in Shanghai on October 9.
The store will feature products from over 120,000 merchants on Taobao Special Edition at the price of one RMB. Alibaba announced that they are planning to open at least 1000 “one RMB” stores in China in the next 3 years.
Alibaba launched its Taobao Special Offer Edition mobile app in April 2020. The new initiative is helping to drive the digital transformation of manufacturing businesses in rural China while also providing low price products to consumers.
Read more Taobao news:
- Taobao’s livestreaming sales exceed 300 billion RMB in a year
- Taobao Live raises GMV target to 500 billion RMB in 2020
- Douyin (Chinese TikTok) and Taobao renew advertising cooperation
