(Yicai Global) Oct. 21 -- E-commerce giant Alibaba's strategy of 'buying globally' is turning into 'selling globally' and the upcoming '11.11 Shopping Festival' will put to the test several new international logistical and payment functions.
Taobao, the online shopping platform run by Alibaba Group Holding Ltd. [NYSE:BABA], holds a '11.11 Shopping Festival' every year. It is a sales promotion similar to America's 'Black Friday' with many discounted deals.
To support growing international sales, Alibaba Group's logistics arm Cainiao Network Co. has opened two global processing centers in Australia and Hong Kong and will support the '11.11' online shopping festival for the first time. It means that Taiwanese products, such as the famous nougat brand 'Sugar & Spice,' can be shipped direct to Hong Kong consumers from Taiwan and will no longer need to be routed via a mainland warehouse.
Similarly, Alipay, China's leading third-party online payment service operated by Ant Financial Services Group, the financial affiliate of Alibaba Group, is now able to support settlements in 18 currencies and serve consumers and vendors in more than 200 countries and regions.
Hong Kong, Macau and Taiwan are the first trial regions of the Hangzhou-based company's 'Global Sell' strategy. Next, the firm plans to expand to Southeast Asia. With this aim in mind, Alibaba Group bought a controlling stake in Southeast Asian online retailer Lazada earlier this year.