Having monopolised the Chinese ecommerce industry through aggressive discounting and mega sales, like the recently-held 11.11 Global Shopping Festival, Jack Ma-founded Alibaba now has its eyes set firmly on the booming market in India.
According to Alibaba Group Holding CEO Daniel Zhang, India holds immense potential and is a “very important” target for the ecommerce behemoth in its global strategy.
He added, “Globalisation is one of our key strategies for Alibaba. As part of this strategy, India is a very important topic. India is a very important market for us to look at. Before entering any new market, we ask ourselves how we can help the local market. For a market like India, the key aspect of our strategy is to help the local enterprises grow.”
Alibaba’s biggest bet in the Indian market is Paytm, the Vijay Shekhar Sharma-led digital payments major which entered the country’s ecommerce sector with Paytm Mall in February this year. The Chinese Internet giant currently owns majority stake in Paytm’s ecommerce entity.
Speaking about the fast-growing digital payments market, Daniel Zhang said, “We have invested in Paytm. We are very happy to see digital payment becoming so popular in India. This is one of the best examples to demonstrate how we want to help the local markets grow.”
The goal, according to CEO Daniel Zhang, is to strengthen its presence in India by working with the local people.