Alibaba plots massive growth
At Alibaba's 2019 investors day, staged in Hangzhou, attendees were told that the business is forecasting annual sales of over US $1.4 trillion from some 1 billion users in China by 2024. It plans to acquire more customers in China where it already has significant market penetration as well as to grow its partnerships with local merchants in international markets to further develop sales.
"Today we are creating and fulfilling new consumption needs with a view to focus on growing our digital population as a whole," commented Daniel Zhang, Alibaba CEO and chairman. Adding: "We can unlock tremendous synergies between our various consumer facing businesses to convert and harvest incremental customers acrossthe Alibaba digital economy."
As has been widely reported, the Chinese economy has been in decline and that, combined with the ongoing trade war between the USA and China combine to create greater challenges in the Chinese market, however few can question Alibaba's standing and ability to drive growth.