AliExpress Surges by 60%, Stealing the Spotlight in Alibaba’s Latest Financial Report
In the quarter concluding on December 31, 2023, Alibaba International Digital Commerce Group (AIDC) demonstrated an impressive 44% year-over-year revenue growth, reaching RMB 28,516 million (US$4,016 million). AIDC’s combined orders also experienced a robust 24% year-over-year surge. This stellar performance is attributed to the substantial growth witnessed across all AIDC retail platforms, with special emphasis on the cross-border AliExpress Choice business. The accelerated expansion of cross-border ventures reflects the escalating global demand for top-notch products at appealing prices. To sustain this upward trajectory and enhance customer services, Alibaba escalated investments during the quarter and remains committed to continuous growth investments.
AliExpress, as the frontrunner in AIDC, recorded over 60% year-over-year growth in orders during the quarter. This remarkable achievement was fueled by AliExpress Choice, a service designed to offer consumers an enriched experience by seamlessly integrating superior product selection, competitive pricing, quality assurance, swift logistics, and excellent customer support. AliExpress Choice contributed to approximately half of AliExpress’ total orders in January 2024, ensuring sustained rapid growth in order volume.
Revenue from the International Commerce Retail Business for the quarter concluding on December 31, 2023, reached RMB 23,260 million (US$3,276 million), marking a substantial 56% increase compared to RMB 14,954 million in the corresponding quarter of 2022. This revenue surge was primarily attributed to the robust growth in combined orders across AIDC’s retail businesses, driven by stellar performances from major retail platforms and the revenue contribution from AliExpress Choice. It’s essential to note that certain of Alibaba’s international businesses generate revenue in local currencies, impacting AIDC’s revenue due to exchange rate fluctuations against the Renminbi, Alibaba’s reporting currency.