The real impact on the industry is people's backward thinking, or ignorance of the future, Mr. Jack Ma emphasized.
(Yicai Global) Oct. 13 -- E-commerce will disappear soon, Mr. Jack Ma, chairman of Alibaba Group Holdings Ltd. [NYSE:BABA], told an audience of more 40,000 at a computing conference in Hangzhou, where the online retail giant is headquartered.
In a shocking about-face, Mr. Ma said the term 'e-commerce' may soon become a thing of the past. He also pledged to expunge the term from Alibaba's website from next year and hinted that his online shopping empire has a brand new innovation for the market. He did not disclose any further details.
The e-commerce sector has grasped and made good use of the Internet, both in terms of its technology and philosophy, resulting in a new era of big data that can be adapted and used in other business models. The real impact on the industry is people's backward thinking, or ignorance of the future, Mr. Ma said.
Alibaba is China's largest e-commerce group, followed by JD.Com Inc. At USD25 billion, it was the world's largest listing in 2014. Its Taobao marketplace is its biggest platform. Its one-day sales hit CNY91.2 billion (USD13.5 billion) on Nov. 11, 2015. This was a 60 percent increase on the previous year's figure.
Alibaba is being investigated by the U.S. Securities and Exchange Commission over its accounting practices and how it reported figures from its blockbuster Singles' Day sale in May. In response to the probe, Alibaba said that Americans may be unfamiliar with the unofficial holiday, which celebrates, or commiserates, people that are single. It is to lonely hearts what Black Friday in the US is to bargain-hunters.