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Alibaba aims for $1 trillion GMV by 2020
19
Jun '17
Courtesy: Alizila
Courtesy: Alizila
Alibaba aims to achieve gross merchandise volume (GMV) of $1 trillion in the fiscal year that ends March 31, 2020. The Chinese e-commerce giant also intends to create 100 million jobs and serve 2 billion customers. Alibaba has positioned itself as an innovator and enabler of what it calls new retail, the integration of online and offline commerce.

The company continues to evolve beyond its China e-commerce roots by moving into digital media and entertainment, cross-border e-commerce, local services, digital marketing and other areas, chief executive officer Daniel Zhang told investors on the first day of the two-day investor summit in Hangzhou, China.

"We are enabling merchants and brands to manage the consumer during their entire life cycle, from when they became aware and interested in products, then purchase and into loyalty. This represents the real business value we provide to our customers," Maggie Wu, Alibaba’s chief financial officer said.

"In the company’s last fiscal year, Alibaba’s core commerce platforms generated nearly $550 billion in gross merchandise volume, of the total value of sales on its marketplaces. If GMV were GDP, that would make Alibaba the 22nd-largest economy globally, just behind Argentina," Alibaba executive Jack Ma said.

As for FY 2018 guidance forecasting revenue growth of 45 percent to 49 percent, Wu said, "We have confidence. The data, the technology we have, the whole integrated business we have built, will help to achieve that."

Over the past two years, Alibaba has put $21 billion worth of its capital toward mergers, acquisitions and investments, said executive vice chairman Joe Tsai. (RR)

Fibre2Fashion News Desk – India


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