Money Isn’t Everything for Jack Ma, Billionaire Chairman of Alibaba
Online shopping is becoming the norm as evidenced by the increasing rate of purchases made online every year. Although it seems like e-commerce is already well positioned in our daily lives, it still has much ground to cover.
At least, this is what Mike Evans, Alibaba President, claims. He says that e-commerce giant Alibaba has connected only 10% of the Chinese retail market to the online world, meaning the possible growth for the platform is still very large.
With 10% being a small percentage, the Alibaba Group was still able to bring in close to $18 billion in total sales transactions in a single day thanks to the Singles Day promotion on 11 November 2016.
Think of Singles Day as kind of a reverse Valentine’s Day that has been converted into a shopping bonanza with non-ending promotions and special offers.
Although there is no denying the huge amount of money generated from this special event, this is not what Alibaba’s billionaire Chairman Jack Ma wants you to focus on. “It doesn’t represent our true identity, and overemphasizing it makes people just think about e-commerce,” said Ma.
The message that Ma wants to relay is that they are proud of what has been achieved in connecting tens of thousands of consumers with thousands of brands and changing the way they shop.
From augmented reality and virtual reality to live streaming, all these methods were put into practice to create a sense of comfort for the consumer in making a purchase.
And although it seems like improving the e-commerce experience is Alibaba’s main focus, they claim they are more than just China’s Amazon. The online shopping hub has invested in entertainment, media platforms, and cloud computing.
Not only have they invested in Snap Inc., the company behind Snapchat, but they’ve also been making their way into Hollywood by backing up the latest movie of the “Mission Impossible” franchise.