Alibaba joins Bailian Group to create a new model of retail

Source:Global Times Published: 2017/2/20 22:18:39

Internet titan Alibaba Group Holding announced on Monday that it will begin working with Shanghai-based retailer Bailian Group to create a new model of retail sales.

The two companies will employ big data and Internet technology to cooperate in six sectors, aiming to provide consumers with new consumption experiences, according to an Alibaba press release.

"The year 2017 is the first year of Alibaba's new retail era and we chose the first step in Shanghai as the city represents a high level of reform, innovation and development," Alibaba Chairman Jack Ma Yun told a meeting held in Shanghai.

Ma compared Shanghai to a bridge tower and Hangzhou, capital of East China's Zhejiang Province where Alibaba has its headquarters, as a backyard garden, according to the press release.

"We hope to explore the future with Shanghai together," Ma was quoted as saying.

The two companies will beef up efforts to research and develop new retail technology and Alibaba will open its technology including artificial intelligence, smart payment, the Internet of Things, logistics and big data to the public and share its successful experience with society, the press release read.

Bailian will also offer Alipay, a third-party payment service under Alibaba, to its outlets across the country.

After Alibaba announced a new retail strategy in October 2016, the company has been committed to employing the Internet, big data, logistics and payment services to help domestic business owners and retail partners restructure their businesses, Alibaba said.

The strategic cooperation deal does not involve capital, the company said.

Bailian's Shanghai-listed shares surged by the 10 percent daily limit on Monday.

The retail sector has become an increasingly important factor driving China's economy. Consumption contributed 64.6 percent to China's economic growth in 2016, according to data released by the National Bureau of Statistics on Friday.

Online retail transactions reached 5.16 trillion yuan ($751 billion) in 2016, up 26.2 percent year-on-year, the Ministry of Commerce said in January.

Global Times

Posted in: COMPANIES

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