Alibaba Group Holding Ltd (NYSE:BABA) to Focus on Expansion Abroad

Alibaba Group Holding Ltd (NYSE:BABA) has announced that it will prioritize its plans to expand its operations into the international markets.

Daniel Zhang, who was given the Chief Executive Position a week ago, made the announcement to the company’s employees during Strategy meeting at the company headquarters at Hangzhou. He stressed the need for the company to expand its territories to a global scale to maintain competitive edge and profitability.

The new CEO also encouraged the company workers with the prospects of better financial times ahead and more job opportunities following the global expansions. Zhang also said that the company will come up with a worldwide team that will focus on the company’s current goal of global retail.

Zhang also said the company will make use of most of its services and partnerships to bridge the transition to global standards as well as boosting the market for Chinese products. In his talk, he said that the company will also employ foreign talent.

The new CEO claims new and foreign talent will be vital for the company’s growth. He explained that it would give the company an opportunity to understand foreign trends and needs as well as how to interact with them. This will give the company a better idea of how to customize its product to different foreign markets and different foreign standards.

In matters not related to the company’s new goal, the company announced the purchase of majority shares in a Shanghai logistics company. This move will give Alibaba controlling interest that it plans to use to its advantage. The two will set up an elaborate system that will take care Alibaba’s logistics and delivery system.

Alibaba has rapidly grown into one of the biggest online retail companies, and its worldwide expansion will increase its scope. The company has flourished amidst competition from other online retail giants such as Amazon and other promising entries such as Jet.com.

Alibaba Group Holding Ltd (NYSE:BABA) also plans on taking advantage of the mobile phone sales due to the increasing demand for mobile handsets. Overall the company will grow more competitive in every aspect.

 

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Cook Laurie

Cook Laurie

Laurie, a long-time member of the US Markets Daily general assignment reporter who has covered a variety of subjects from breaking news to investigative features, from stock markets to politics, and from neighborhood small business to global warming.