Alibaba, the Chinese e-commerce giant, said on Saturday its Singles’ Day sales extravaganza hit $25.4 billion, smashing its own record from last year and cementing it as the world’s biggest shopping event.
Chinese e-commerce giant Alibaba Group Holding Ltd said on Thursday its quarterly revenue climbed 61 percent to 55.12 billion yuan (£6.3 billion) in revenue, helped by growth in its core e-commerce business.
With the push for contactless payments -- via fingerprint or retina scan -- the Chinese giant has now implemented its 'Smile to Pay' concept in China, through the facial recognition tool of its subsidiary Ant Financial.
Small and medium-sized enterprises in China are capitalising on the e-commerce boom to restructure the way business is done. Online sales of consumer goods in China soared 26.2 per cent from the previous year in 2016.
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.
Chinese e-commerce giant Alibaba Group Holding Ltd on Monday said it is launching new sales channels in Singapore, Malaysia, Hong Kong and Taiwan as China's deep-pocketed e-commerce firms vie for new users.
European private equity firm Investindustrial has invited the investment vehilce of Alibaba's founder Jack Ma to submit a last-minute joint bid of more than 800m euros for L'Oreal's The Body Shop, according to sources.
Alibaba Executive Chairman Jack Ma said on Tuesday the Internet should be a utility available to the whole world, putting his weight behind a UN call for e-commerce to boost developing economies and help fight poverty.
The Chinese online retailer opened its Australian and New Zealand headquarters in Melbourne on Saturday, its first expansion in the region as it seeks to tap growing global demand for products from the two countries.