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Alibaba faces reckoning with once-vaunted ‘new retail’ strategy
In 2017, "new retail" began appearing in Alibaba's earnings reports. Coined by the Chinese e-commerce behemoth, the term refers to the seamless
On its recent quarterly earnings call, Alibaba’s chairman Joe Tsai revealed that the firm has formed a capital management committee to work on divesting “non-core” assets, including several physical retail businesses. In 2016, the internet firm ventured into the brick-and-mortar retail space by opening its supermarket chain, Freshippo, which features self-checkout stations with face-enabled payments and ceiling conveyor belts that ferry inventory around. Alibaba’s algorithms then calculate the most efficient route for its network of logistics workers to deliver orders, which normally arrive in 30 minutes for customers living within three kilometers of a Freshippo location.
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