Alibaba Sales Jump 56%, Boosted by Demand From Chinese Shoppers
Posted in: UncategorizedAlibaba Group’s quarterly revenue rose 56% from the comparable year-earlier period, powered by Chinese consumers’ thirst for buying cheaper and higher-quality goods online.
Revenue at China’s biggest e-commerce company hit $7.4 billion in the three months ended June, the company said.
Alibaba Group Holding Ltd. has bolstered its dominance in e-commerce by improving the advertising algorithms it uses to generate revenue from brands trying to reach the 466 million active consumers on its online platforms. That is buying time for billionaire Chairman Jack Ma to venture into traditional retail, a sector he wants to revamp via experiments like HeMa Supermarket, a fresh foods store that also provides online grocery delivery.