Alibaba has set a target of taking the business of e-commerce firm Lazada to $100 billion

China’s e-commerce group Alibaba has set a target of taking the business of its South Asia e-commerce unit Lazada to $100 billion (about Rs 7,60,140 crore) and making it carbon neutral by 2030. Alibaba Group bought a controlling stake in Lazada in 2016. After this, an investment of two billion dollars (about Rs 15,200 crore) was made in 2018 to increase its business.

Daniel Zhang, one of the top management of Alibaba Group, gave a presentation to the investors Lazada The company plans to rapidly increase the Gross Merchandise Volume (GMV). Aliba Group is looking for opportunities abroad to boost growth due to slowing Chinese economy and increasing competition in the market. Zhang also informed about the group’s plan to reduce carbon emissions during the presentation.

in the presentation Alibaba Toby Xu, the new Chief Financial Officer of China, said there are challenges for businesses in China with the economy slowing down and increasing competition. “This has led to lower GMV and revenue growth in the last quarter. We are seeing opportunities in new markets which will help us increase users,” he added. Alibaba has also set a target to reach Lazada to 300 million users. Lazada had gross merchandise volume of $21 billion (approximately Rs 1,59,630 crore) and 159 million monthly active users in the last 12 months ending September.

Zhang said, “E-commerce in Southeast Asia accounts for only 11 percent of the total and Lazada annual consumers account for only 34 percent of the total number of regional Internet users. This has the potential to increase the overall market size and reach of our ” Alibaba Group is facing tough competition from rivals such as Kuaishou, a short-video e-commerce firm in China and group buying platform Pinduoduo. Both these firms have invested heavily in sales and marketing to increase their user base. Alibaba Group is also facing toughness from regulators in China. The Chinese government has tightened the rules for big tech companies including Alibaba. These companies are accused of violating the rules related to competition and trying to create a monopoly.

Latest Tech News, Smartphone Reviews more popular mobile For exclusive offers on Gadgets 360 Android Download the app and send us Google News Follow on.

Related news