Alibaba to merge food delivery, travel agency platforms into core E-commerce business
A prolonged property crisis and the economic fallout of the U.S.'s evolving trade policy have dampened spending appetite of Chinese shoppers.
At the same time, Chinese e-commerce giants are engaged in a price war and have been aggressively expanding into 'instant retail,' which focuses on delivery times of just 30 to 60 minutes, to attract buyers.
The company said the reorganization was a 'strategic upgrade' as it transitions from a traditional e-commerce company to a broader consumer-focused platform.
'Moving forward, the company will increasingly optimize its business models and organizational structures from the user's perspective to create richer, higher-quality consumer experiences,' it said.
(Reporting by Zaheer Kachwala in Bengaluru; Editing by Tasim Zahid)
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