E-Commerce: Alibaba, $1.4 Trillion in Sales Annually By 2024

10/07/2020

Alibaba set a long-term plan: “By 2036, Alibaba should serve 2 billion consumers globally, create 100 million jobs”

 

In his first public letter to investors as Alibaba’s CEO, Daniel Zhang settled down very ambitious blueprint for the Chinese e-commerce future growth. According to the company, Alibaba aims to reach 1 billion consumers and achieve $1.4 trillion in annual GMV (gross merchandise volume) in China by its fiscal year 2024.

That target represents about 43% growth compared with Alibaba’s 7 trillion yuan in GMV for its 2020 fiscal year ended March this year, as reported by media. The Government let China being on track to become a digital economy and this will be the base to realize Alibaba’s ambitious goal. Moreover, the Hanzhouz-based e-commerce giant will double its efforts to improve its digital infrastructure related to digital logistics, digital finance and cloud computing, Zhang said.

Zhang added that his company will also speed up its expansion into more overseas markets in the next five years, including its logistic services due to boost cross-border e-commerce.

 

Alibaba is currently carrying out plans to hire international influencers to help merchants and brands on its AliExpress platform sell products through social media platforms including TikTok, YouTube, Facebook and Instagram, the company said.  AliExpress is one of Alibaba’s marketplaces targeting international consumers. The move came as the Covid-19 pandemic has given a boost to the growth of live-streamed e-commerce.

Alibaba’s new chairman, also set a longer-term target for its fiscal year 2036, when Alibaba should serve, according to prevision, 2 billion consumers globally, create 100 million jobs and help more than 10 million small and medium-sized businesses on its platforms to become profitable.

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