International

Alibaba Aims To Double Tmall Transaction Volumes

Alibaba Aims To Double Tmall Transaction Volumes

With ambitious aims for Alibaba Group Holding Ltd., Jiang Fan wants to increase transaction volume by two times in three years. Fan, who is one of the closest lieutenants to Jack Ma, runs the two largest eCommerce businesses for the firm, Bloomberg reported.

Jiang said, according to the report, “We’ll bring a new wave of user benefits, and catch a rising tide of growth.” The executive added that Tmall responsibility comes after he ran Taobao for over a year. Tmall has to incubate 100 additional brands with an annual business of one billion yuan each in order for the company to attain its aims.

The service, however, has brought in over 100 million new buyers during the past year, a pace that Jiang indicated would continue. The company’s stock increased 1.2 percent in New York per the report, notching what Bloomberg described as its largest rise in over a week as the markets remained “little changed.”

The news comes a few months after Walgreens Boots Alliance and Alibaba Group Holding announced the rollout of a Boots flagship store on Tmall Global. The tie-up was said to provide more than half a billion consumers in China with Boots beauty brands. Alibaba’s Tmall platform, which launched in 2014, is the biggest B2C marketplace for both Chinese and international brands as well as retailers. The platform enables those without a Chinese presence to create virtual storefronts and ship items into China.

Michael Evans, president of Alibaba Group, said in an announcement in September, “We are thrilled to be partnering with Walgreens Boots Alliance as they continue to build their brands in China, engage a new audience and meet the evolving lifestyle demands of the Chinese consumer. We look forward to building on the relationship with WBA to continuously expand the range of product selection to better serve the more than half a billion consumers on our marketplaces looking for quality international beauty and cosmetics products.”

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