Alibaba’s online marketplace boss has announced he wants the ecommerce giant to double transactions on its platform by 2022.
Jiang Fan, who runs the company’s business-to-consumer marketplace Tmall, has announced ambitious plans to double transaction volumes over the next three years as part of a wider product boosting initiative.
Alongside this, Jiang said the company plans to launch 100 million new products and incubate another 100 new brands, hoping to generate $149 million (£115 million) in sales.
He added that the platform had already secured an addition 100 million new buyers over the past year, a rate of growth he intends to sustain.
Jiang has become one of the chief executive Jack Ma’s most trusted lieutenants since his own company Umeng was bought by Alibaba in 2013.
According to analysts, these targets will be difficult for the company, but not impossible to achieve, with its gross merchandise volume already growing 29 per cent year-on-year in the final quarter of 2018.