Alibaba Group Holding Ltd Competes Against The Old Economy

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Alibaba Group Holding Ltd Competes Against The Old Economy
By Charliepug (Own work) [CC BY-SA 4.0], via Wikimedia Commons

Alibaba Group Holding Ltd (NYSE:BABA) took the online retail world by storm last week when it recorded $9.34 billion in sales on Singles’ Day (Nov.11). By comparison, last year’s U.S. Cyber Monday sales stood at $2.29 billion. The Chinese company receives about 39 million orders on a normal day. But its platforms received a staggering 278 million orders on Singles’ Day.

What governs Alibaba’s ecosystem?

Speaking at JPMorgan’s Global TMT Conference, Alibaba’s chief strategy officer Dr Ming Cheng said that the huge Singles’ Day event and the “smooth logistic fulfillment” were proof of the robustness of the company’s ecosystem. Zeng revealed that the company’s ecosystem is governed by the behavior of the marketplace rather than Alibaba’s management team.

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