“Alibaba’s founder and former CEO Jack Ma said the company’s payments arm, Alipay, faces over 300 million hacking attacks every day, but it hasn’t suffered any problem. Alipay has one billion users and handles $50 billion worth of transactions every day and thus a target of cybercriminals.”
“The Nov. 11 annual event, which has been going for a decade, started as a marketing gimmick for an upstart e-commerce company looking to draw a crowd. And it did.
GMV (gross merchandise value) grew more than 4,000 times between 2009 and 2018, hitting $30.8 billion last year
Alibaba doesn’t want to be just an e-commerce company anymore. Zhang, who has risen through the ranks and took over as chairman from Ma two months ago, is hoping to lean more heavily on new businesses such as cloud computing, digital media and entertainment, offline retail, and local services such as deliveries.”
Will Alibaba break its own record this 11.11 global shopping fest? And where is Jack Ma?
Billed as the world’s largest 24-hour online shopping event in terms of GMV, the 11.11 event has over 200,000 brands participating with more than a million new products on offer. Over 500 million users are expected to participate in this year’s festival – about 100 million more than last year.
Black Friday weekend had reportedly generated a total of $14.05 billion in online sales for 4,500 US online retailers over four days.
During India’s Diwali online shopping festival, sales split the e-tailer market share between Amazon India and Flipkart. Their combined market share was 90 percent in terms of merchandise volume, with Flipkart leading at 60-62 percent and Amazon India coming in at 28-30 percent.
“Alibaba Group Holding has revealed its own home-grown high-performance AI inference chip, a neural processing unit (NPU) named Hanguang 800, as it pushes further into the field of artificial intelligence and seeks to make its ecommerce platform more efficient.”
“Amazon spend over $20bn annually on technology. Walmart spend over $5bn in capex on ecommerce and technology. It is just not possible for many to play this game.
Being at the frontier of speed is not always necessary:
40% of ecommerce delivery in the UK, which is one of the world’s more developed ecommerce markets, remains slower than next day.
Go beyond borders to build your tribe:
eShopWorld’s US President, Cynthia Hollen, added: ‘Excellence in cross-border ecommerce is an essential part of being a high velocity retailer today. Leading retailers know that building their brand and expanding their customer base around the world is the best way to achieve significant and lasting growth in today’s competitive landscape.'”