KEY STAT | New retail now accounts for one fifth of Alibaba’s revenue

Written by Julianna Wu Published on 

Grocery delivery demand spiked since COVID-19 outbreak.

Alibaba (NYSE: BABAHKEX: 9988)’s new retail business, which provides online sales and delivery services for offline stores, accounted for more than 20% of the e-commerce giant’s 2020 June quarter total revenue, up from 14% in 2019, as disclosed in its financial report.

The business had a whopping 80% year-on-year revenue growth in the quarter, the largest among Alibaba businesses, as Chinese have widely adopted the grocery delivery service of online supermarkets like Tmall supermarket, Freshippo (or Hema in Chinese) during the COVID-19 outbreak earlier this year.

“Businesses within our new retail grocery vertical are benefitting from Chinese consumers’ increasing adoption of online shopping for groceries and daily necessities,” said the press release.

More on Alibaba’s earnings report please read: Alibaba’s digital economy soaks up consumer demand in Q2

This article is part of KrASIA’s “Key Stat” series, where KrASIA picks and presents the most significant figures of the day’s technology and business world.


You might like these

  • News

    Kuaishou acquires payment license amid booming e-commerce and livestreaming


    Song Jingli

    25 Nov 2020    07:37 AM

KrASIA InsightsKrASIA Insights

  • From the two-month-long COVID-19 lockdown to the economic slump to the Chinese funding crunch and app ban, 2020 has been a roller coaster year for entrepreneurs and investors alike.


    Top takeaways from VCs in India from 2020 | KrASIA Year in Review

    By Moulishree Srivastava

    24 Nov 202009:14 AM

Most PopularMost Popular

See All