China
22:41, 12-Nov-2017
China to embrace new retail in next decade or two
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"China will embrace a new retail system in the next decade or two that will arrive only when there is close integration of online and offline retailing and logistics," said Jack Ma.
The founder and chairman of the Alibaba Group said the growth and dividends of e-commerce are far from reaching their top limit and in the next three or five years, pure online trading will keep rising rapidly.
Ma said the new retail, which features new technologies, innovation and reform, would be dominant in China in the future, whether it is online or offline.
"I don't believe a business of traditional retail will still work in the future, if they operate without technologies and data, make little innovation, or carrying out no supply-side reform to get close to consumers. Online sales face the same situation, too," said Ma.