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Read more about why theres hope for a turnaround of Walmarts online sales slump.
Read more about why there's hope for a turnaround of Walmart's online sales slump.
With one deal, could dominate the online food delivery market in China.
There are rumors the e-commerce giant is planning to acquire the remaining 68% stake of Ele.me, its food delivery unit, which will likely cost around .5 billion, according to a Jefferies note citing multiple media sources.
Alibaba's planned takeover could make it one side of a powerful duopoly in China. Ele.me makes up 50% of China's online food delivery market while rival Meituan controls 43.5%, according to Analysys International. The move puts Alibaba closer to cornering the Chinese online food delivery market.
China is the world's largest online grocery market, and it is projected to more than double its growth by 2020, according to IGD, an international grocery research organization. The industry delivered 80% year-over-year growth in 2019, wrote Jefferies' Karen Chan in a note.
China has seen online grocery growth soar because it has a higher population density, lower labor cost, a fragmented food and beverage market due to the higher number of small mom-and-pop shops with no logistics capacity, and a "well-formed consumer habit" thanks to subsidies, Chan said.
The acquisition of Ele.me could create synergies for Alibaba to move beyond food delivery, Chan added. It could help expand Alibaba's cross-channel traffic acquisition, Alipay's scale from loyal or high-frequency users, and "strengthen" its last-mile delivery under its "New Retail" initiatives, which the company hopes will further imbue brick-and-mortar stores with technology and e-commerce.
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