What’s behind the 38.3 billion dollars sale of e-commerce giant Alibaba?
By Lawrence Chen, 15 Dec 2020
The e-commerce giant announced on November 11, 2020, that China's Singles' Day sales on TMall hit 372.3 billion yuan ($77 billion) within one day. More than 22,000 overseas brands from 200 countries and regions have participated in this year's shopping spree in China, according to Alibaba*, owner of TMall.
Alibaba now has nearly 500 million registered active users and more than 60 million regular daily visitors. Meanwhile, the number of online commodities every day has exceeded 800 million, and 48,000 commodities are sold every minute on average*.
Image Source: Baidu Image
What’s behind the astonishing success is Alibaba’s cutting-edge Big Data processing technology, which is based on the data collected from the accumulation of large user groups and sold goods analysis. As Jack Ma mentioned, Alibaba defines itself as a “data company”, and since the foundation, Alibaba has been keen on digging the potential of big data in order to expand and finalise the network. Essentially, basic data like user information, transaction data, browsing data, goods page visiting data, shopping records are the main elements needed for portraying the e-image of users. Externally, Alibaba has been connecting with Internet giants like Sina Weibo and Dianping (an O2O reviewing platform) to collect social media data and interactive data.
The establishment of Alibaba's data platform is the core of providing ultimate user experience which lays a foundation for its business operation, and in another sense, it is also an adequate example of how the application of Big Data shapes the landscape of future businesses.
With the perpetual growth of FinTech in the near future are you looking to kickstart your career in FinTech? Explore our FinTech & Research Programs on offer or read our Frequently-Asked-Questions (FAQs) below.