Sina American Stock Market News, the evening of November 1BabaThe group announced its quarterly results up to September 30, 2019. The number of monthly active users in China's retail market reached 785 million, a sharp increase of 30 million in a single quarter. The group's revenue increased by 40%, exceeding market expectations in an all-round way. At the analyst meeting after the results, Zhang Yong, chairman and CEO of BABA Group, said: "the great potential of domestic demand is an important driving force for China's economy." China's strong domestic demand is an important benefit for BABA's long-term development. "
Consumption has become the first driving force of economic development for five consecutive years. In the first nine months of 2019, retail sales of consumer goods totaled nearly 30 trillion yuan, an increase of 8.2 percent over the same period last year, and the final growth in consumer spending contributed 60.5 percent to economic growth, according to the National Bureau of Statistics. Among them, service consumption and online retail become the key momentum of consumption growth. BABA's business of serving consumers includes digital commerce, local life and digital media and entertainment, creating a rich supply of physical consumption, service consumption and cultural consumption.
In response to an analyst's question "what's the difference between this Tmall double 11", Zhang Yong replied: "New consumption".
According to the pre-sale phase data disclosed by Tmall a few days ago, as of October 31, 64 brands had more than 100 million transactions, double that of last year. This is proof that new consumption is driving new growth in domestic demand. In the field of service consumption, which is a new growth point of domestic demand, Tmall added more than 55 kinds of service consumption, covering almost every aspect of consumers' life.
Zhang Yong said that digital new consumption allows businesses to create new supplies in response to consumer demand. Tmall double 11 is the Olympic Games for business. It is not only a shopping festival, but also a brand growth festival and a consumer interaction festival. " As of September this year, more than 90 million new products from global brands were launched in Tmall, and more than 1 million new products were launched for Tmall's Singles Day holiday this year.
BABA's digital economy connects the consumer side and the supply side, which also turns new consumption into the new vitality of manufacturing. A large number of manufacturing enterprises are embarking on a digital transformation and a leap to upgrade the track. Behind the hot pre-sale of Tmall's double 11, 2000 manufacturing industrial belts are at full power to meet the new consumer demand, and the stock volume of domestic and foreign trade has doubled. 1688 data show that in the last month, the volume of industrial belt transactions with an annual transaction volume of more than 10 billion yuan has increased by more than 100 percent compared with the same period last year.
BABA has set a short-term goal: to serve more than 1 billion consumers by fiscal year 2024, achieve consumption of at least 10 trillion yuan, and help merchants get an annual transaction volume of more than 10 trillion yuan.
Zhang Yong said: "our mission has not changed from the first day, so that there is no difficult business in the world." Today, our consumers, merchants and partners are entering a new journey in the digital age. We will continue to create value for them through digital power, so that there is no difficult business for them to travel all over the world in the future. "