Alibaba has announced plans to rake in over $1.4 trillion in annual sales and serve over 1 billion annual users in China by 2024.
The Chinese ecommerce giant told its investors at its 2019 investors day in Hangzhou this week that it plans to dramatically increase growth in its home market over the next five years.
Despite recent concerns about the slowing Chinese economy and the growing trade war between US and China seeing Alibaba increasingly open its platform to the international markets for the first time, it laid out a long-term plan for growth in China.
The three drivers which it aims to use to support its ambitious domestic growth plans include an increase of over 200 million users to its Chinese retail marketplace over the last 24 months, achieving 85 per cent penetration in China’s developed areas and around 40 per cent in less developed areas.
Secondly is the ability to leverage massive numbers of consumers thanks to a more powerful digital ecosystem.
Thirdly Alibaba says that partnerships with local merchants in international markets will help it, reach an ambitious 2 billion global customers, create 100 million jobs and support over 10 million SMEs by 2036.
“Today, we are creating and fulfilling new consumption needs with a view to focus on growing our digital consumer population as a whole,” Alibaba’s chief executive and newly appointed chairman Daniel Zhang said.
“We can unlock tremendous synergies between our various consumer-facing businesses to convert and harvest incremental customers across the Alibaba digital economy.”