Alibaba's Post-Ma Chief Sets Prudent USD1.4 Trillion GMV Target in Five Years
Zhang Yushuo
/SOURCE : yicai
Alibaba's Post-Ma Chief Sets Prudent USD1.4 Trillion GMV Target in Five Years

(Yicai Global) Sept.11 -- Alibaba Group Holding's fresh chairman has started off by mapping out his sensible plans for the nation's tech behemoth that Jack Ma helped to build over two decades.

Alibaba hopes to serve more than 1 billion consumers worldwide and create more than CNY10 trillion (over USD1.4 trillion) in gross merchandise volume in five years, said Daniel Zhang, at the Hangzhou-based company's 20th-anniversary party yesterday. The firm's GMV rose by 19 percent to CNY5.7 trillion in the fiscal year ended March 31. 

Yesterday, which happened to be Teachers' Day and Jack Ma's birthday, marked the end of an era as Ma stepped down as executive chairman of the e-commerce giant to pursue a still-unspecified future of teaching. Since establishing the firm in 1999 and working out of his apartment in the eastern city, Ma has led the company to become an unparalleled tech venture with a USD455.6 billion market cap. 

Over the fiscal year 2020, which lasts till next March, Alibaba's GMV will undoubtedly reach USD1 trillion, Zhang said. This would be a 17 percent increase from a previous fiscal year.

"We want our customers and partners to be better off than we are," Zhang said, adding that the firm will spare no effort in completing Alibaba's ecosystem because "only in this way, we can help all firms move toward a digitalized and smart future."

Alibaba's business, the way it serves customers, and the content that creates customer value will certainly change, but what will not change is the mission that the firm set 20 years ago, he added.

Alibaba's stock price [NYSE: BABA] dropped by 1.6 percent to USD174.99 yesterday.

Editor: Emmi Laine 

 

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Keywords: Daniel Zhang , Alibaba , Jack Ma , E-Commerce , GMV