Tmall released its 2024 Annual Merchant Store Opening Report on January 7, revealing an 83% YoY increase in new merchants joining the platform. Within the first year of joining, 32 brands achieved over 100 million RMB ($13.8 million) in transactions, 733 brands surpassed 10 million RMB ($1.38 million), and 1,600 brands exceeded 5 million RMB ($690,000) in annual sales. In terms of categories, the top 10 trending sectors in 2024 based on store openings included mobile accessories, snacks, cycling gear, water bottles and tea sets, seasonings, trendy toys, bags, down jackets, home storage, and new Chinese-style clothing. Among these, the cycling category saw a 77.8% YoY growth in transactions from January to August 2024, with eight brands crossing the 100 million RMB ($13.8 million) mark. The fastest-growing subcategories in the cycling sector included bicycles, cycling apparel, cycling shoes, helmets, and eyewear.