Chinese e-commerce company Alibaba Group recorded approximately 582.73 billion yuan in online sales in China in the fiscal year ended March 31, 2023. This equates to approximately US$84.9 billion.
China's e-commerce market and Alibaba
The total circulation value of China's e-commerce market in 2022 will reach approximately 13.8 trillion yuan, and is expected to grow further in the coming years. Factors contributing to this growth include increasing internet penetration and increasing purchasing power of the general population, but also the expansion of e-commerce giant Alibaba Group.
Alibaba Group's revenue reached RMB 868.7 billion (approximately USD 126.5 billion) in fiscal year 2023. Alibaba's most famous e-commerce websites include Taobao Marketplace, Tmall, cross-border e-commerce platform AliExpress, and Kaola.com. A cloud computing and data management platform called Alibaba Cloud, and O2O fresh food service Freshippo. The company's payments provider, Ant Group, was previously known as Alipay or Ant Financial, but was spun off as an independent company in 2014.
singles day
The company's most profitable day in 2021 was Singles' Day, a popular Chinese holiday that serves as the antithesis of Valentine's Day. On November 11, Chinese singles across the country celebrate being single and proud, especially by treating themselves to gifts. During the 2021 Singles' Day sale, Alibaba's online retail platform recorded a total GMV of over USD 84.5 billion.
