Apr 18, 2024 05:17 AM
BUSINESS
Alibaba Doubles Down Overseas for New Growth Drive
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AIDC operates Alibaba’s overseas e-commerce platform AliExpress Ltd., Southeast Asia-targeted e-commerce platforms Lazada and Daraz, as well as Turkey-based Trendyol
China’s e-commerce giant Alibaba Group Holding Ltd. is looking for growth by going abroad.
Cross-border e-commerce is considered Alibaba’s most promising segment, despite stiff competition from fast-rising upstarts such as the fast fashion retailer Shein and Temu, the overseas marketplace operated by PDD Holdings Inc.
China’s post-pandemic economy is causing consumers to cut back, forcing e-commerce companies to seek new growth elsewhere. In the fourth quarter 2023, PDD reported a triple-digit growth in revenue, driven by strong performance of Temu.
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