Alibaba has become an exemplary company that launched a plethora of innovations and opportunities in the global retail industry. CEO Daniel Zhang says Alibaba doesn’t just cater to the Chinese market, but it is a Chinese company that belongs to the world. And the glory doesn’t just belong to the company itself, but it has created sustainability in all levels of the marketplace. Large and small businesses have flourished through this platform. Moreover, Alibaba unceasingly provides innovations that change the marketplace.
In the B2B Marketplace
The company isn’t just an E-commerce platform anymore. It hosts a lot of B2B opportunities and expands to other channels. The retail marketplace serves half a billion of customers. It has indeed become a platform for large and small businesses to thrive. But there’s more to Alibaba than meets the eye. It paved the way for groundbreaking retail solutions implemented in China.
Innovations Spearheaded by Alibaba
The Global Market Value (GMV) of Alibaba in one year is USD 550 billion. During their 11:11 event, profits reached USD 14 billion in one day. They have also ventured into digital contents. There’s now a blurring of lines between retail and media in this highly innovative global retail leader.
The company is also spearheading seamless payment solutions – moving towards a cashless society. According to Zhang, there’s a rapid progression towards this evolution of digitising payments through their Alipay and mobile wallet.
In its core operations, Alibaba is a data company. It processes and analyses an immense amount of data in the retail marketplace. It creates value from the data and provides ingenious solutions for both retailers and consumers.
Into the Future of Retail
Online transactions still comprise 15% of the business. Alibaba aims to digitalise the remaining 85% in order to make the pie even bigger. Their mission is to make it easier to do business anywhere. This allows offline businesses to have an easier experience in doing business in the digital world. In a sense, stores will be redefined with the marriage between offline and online retail. Everyone is looking forward to these developments that is leading towards the redefinition of the retail industry.
Come join us in New Retail ‘19 for an investigation into the future of retail. Industry leaders and innovators will come together in an exciting hub of knowledge sharing and partnerships at MCEC Melbourne this coming February 2019. Book your seats or partnerships now through this link.
Watch the full interview below.