Alibaba executive vice chairman Joe Tsai has said that the next 15 years will witness the company executing the ‘New Retail’ strategy, wherein changes in consumer behaviour are anticipated and catalysed and the time, place and method of purchase and consumption will be different. The distinction between online and offline will disappear, he said.

Releasing the Alibaba Group’s June 2017 quarterly earnings recently, Joe said while e-commerce accounts for 15 per cent of total retail in China, 85 per cent is offline. “Whether this is just something to look at or presents tremendous opportunities for us, depends on our ability to innovate,” a company release said quoting him.

Alibaba is setting the standard for fulfilling the high expectation of consumers regarding spontaneity, convenience and speed with its scale, technology, consumer insights and ability to innovate, he said.

“With New Retail, satisfying ever-increasing consumer expectations is no longer an incremental game. It is a disruptive game, in the sense that you will have to disrupt e-commerce first and embrace the physical world,” he said.

The question that the company needs to focus on is how do businesses by creating synergy among the various units, he added. (DS)

Fibre2Fashion News Desk – India

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