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Alibaba Aims to Facilitate $1.4 Trillion in Sales Annually By 2024

By Ding Yi / Jul 10, 2020 01:03 PM / Business & Tech

Photo: IC

Photo: IC

In his first public letter to investors as Alibaba’s chairman, Daniel Zhang charted a comprehensive blueprint for the Chinese e-commerce behemoth’s future growth.

Alibaba aims to reach 1 billion consumers and achieve 10 trillion yuan ($1.4 trillion) in annual gross merchandise volume (GMV) in China by its fiscal year 2024, Zhang said in the letter published on the company’s public WeChat account Friday.

That target represents about 43% growth compared with Alibaba’s 7 trillion yuan in GMV for its 2020 fiscal year ended March this year.

The realization of the goal is based on the fact that China is on track to become a digital economy and on Alibaba’s efforts to improve its digital infrastructure related to digital logistics, digital finance and cloud computing, Zhang said in the letter.

Zhang added that his company will also speed up its expansion into more overseas markets in the next five years.

The Hangzhou-based company 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. 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.

Moreover, Zhang also set a longer-term target for its fiscal year 2036, when Alibaba should serve 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.

Contact reporter Ding Yi (yiding@caixin.com)

Related: Lazada Appoints Former Alibaba Executive as New CEO


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