Alibaba (NYSE: BABA; HKEX: 9988)’s new retail business, which provides online sales and delivery services for offline stores, accounted for more than 20% of the e-commerce giant’s 2020 June quarter total revenue, up from 14% in 2019, as disclosed in its financial report.
The business had a whopping 80% year-on-year revenue growth in the quarter, the largest among Alibaba businesses, as Chinese have widely adopted the grocery delivery service of online supermarkets like Tmall supermarket, Freshippo (or Hema in Chinese) during the COVID-19 outbreak earlier this year.
“Businesses within our new retail grocery vertical are benefitting from Chinese consumers’ increasing adoption of online shopping for groceries and daily necessities,” said the press release.
More on Alibaba’s earnings report please read: Alibaba’s digital economy soaks up consumer demand in Q2
This article is part of KrASIA’s “Key Stat” series, where KrASIA picks and presents the most significant figures of the day’s technology and business world.