Jason Buchori, Nadia Halim, Thanaa Makdsi,

Kathlen Moreno, Erwin Santoso Ng, Rinaldi Widjaja

BUS3 189

Strategic Management

Spring 2018

1.COMPANY BACKGROUND

COMPANY OVERVIEW

» Established in 1999 by 18 people

led by Jack Ma. 1

» Recognized that the Internet could

enable small enterprises to grow,

and compete more effectively in

domestic and global economies.

» Caters to leaders in both wholesale

and retail online marketplaces.

LOCATIONS

HEADQUARTERS

HISTORIC TIMELINE

DECEMBER 1999

Jack Ma and 17 othersfounded the online

marketplace Alibaba Online.

MAY 2003

Alibaba founded Taobao, a consumer e-

commerce platform.

NOVEMBER 2007

Alibaba.com is successfully listed on the Hong Kong

Stock Exchange.

SEPTEMBER 2014

Alibaba's shares (BABA) began trading on the

NYSE.

1999

2003

2007

2014

2017

JULY 2017

Alibaba became the first Asian company to break the US$400 billion value mark.

LEADERSHIP

JACK MAExecutive Chairman

JOSEPH C TSAIExecutive Vice Chairman

DANIEL ZHANGChief Executive Officer

MICHAEL EVANSPresident

JIANHANG JINPresident

JACK MA» Born in Hangzhou, an eastern coastal

province near Shanghai. 2

» Struggled financially and academically.

» Learned through experimenting,

observing, and questioning the status

quo. 3

» Became one of China’s first web

entrepreneurs.

» Maintains a balance of leadership and

ideas 4

MISSION

To make it easy to do business anywhere. We enable businesses to transform the way they market, sell

and operate. We provide the fundamental technology

infrastructure and marketing reach to help merchants,

brands and other businesses to leverage the power of the

Internet to engage with their users and customers.

VISION

We aim to build the future infrastructure

of commerce. We envision that our

customers will meet, work and live at

Alibaba, and that we will be a company that

lasts at least 102 years.

COMPANY VALUES

CUSTOMERS FIRST TEAMWORK EMBRACE CHANGE

INTEGRITYPASSION COMMITMENT

BUSINESSES

STRATEGIC OBJECTIVES

» Creating a Strong

Infrastructure for

Commerce. 5

» Global Growth.

» Leveraging Cloud

Computing Power.

2.LEADER IN THE CHINESE MARKET

BASIC OVERVIEW OF CHINA

» The world’s largest economy. 6

» Population of 1.403 billion as

of 2016.

» Languages: Mandarin and

Chinese dialects. 7

CULTURAL BACKGROUND» Religions: Buddhism,

Christianity, Islam,

Taoism.

» Cuisines are based on

geographic and ethnic

diversity

⋄ Szechuan, Cantonese

CULTURAL DIMENSIONS

Hofstede Insights, www.hofstede-insights.com/product/compare-countries

ECONOMIC ENVIRONMENT

“China GDP.” Trading Economics, tradingeconomics.com/china/gdp. 9

POLITICAL ENVIRONMENT» Fairly weak political environment 10

⋄ No visible divisions within Communist Party

3.EXTERNAL FACTOR

EVALUATION

EFE MATRIXKey External Factors Weight Rating Score

Opportunities

1. Robust Outlook for Chinese Market 0.1 4.5 0.45

2. Increasing Online Shopping Market in India 0.2 4 0.8

3. Benefit from Acquisition of Youku Tudou 0.2 4.5 0.9

Threats

1. Traditional retailers moving online 0.1 3 0.3

2. Competition in India 0.1 4 0.4

3. Rivalry in Southeast Asia 0.2 2 0.4

4. Competition from JD 0.1 2 0.2

Score 1 3.45

OPPORTUNITIES: ROBUST OUTLOOK

FOR CHINESE E-COMMERCE MARKET» China is the world’s largest e-

commerce market.1

» Expected to increase to $2,237 billion

in 2020.2

» Alibaba is leading with about 47% of

consumer e-commerce market share

in China.3

» China broke the record with $25.4

billion of e-commerce sales on

“Single’s Day”, November 11, 2017.4

OPPORTUNITIES: INCREASING ONLINE

SHOPPING MARKET IN INDIA

» Only about 27-28% (about 360 Million) of India’s

population has access to the internet.5

» About 14% of internet users shop online.

» Similar to Rural China, Mobile phones are their main

internet access.

» India is growing in population and Internet user.

OPPORTUNITIES: INCREASING ONLINE

SHOPPING MARKET IN INDIA

OPPORTUNITIES: BENEFITS FROM

ACQUISITION OF YOUKU TUDOU» Alibaba acquired $4 Billion worth of Youku Tudou

shares in April 2016.7

» Digital Advertisements made up two fifth of the

global advertisement.8

» 2017 is the first year when digital ad spending

beats TV ad. $209 Billion (41%) were spent on

digital ad and only $178 Billion (35%) spent on TV

worldwide.9

» Youku Tudou is in well positioned to benefit from

the growing advertisement market.

THREATS: TRADITIONAL RETAILERS

MOVING TO ONLINE» The Dalian Wanda Group, the largest owner of

shopping malls and cinemas in China, has

formed a joint venture with Baidu (BIDU) and

TCEHY known as Ffan - The platform is both

B2B and B2C, challenging Alibaba.5

» The Hong Kong-based property developer and

jewelry chain Chow Tai Fook, is moving online

as well - A decades-old reputation which

distinguishes it from BABA and JD.5

» The more traditional retailers moving online,

the lower profit margins will be for Alibaba

Collaboration with

0000

THREATS: COMPETITION IN INDIA

$60-$100 billion market

by 2020

» Strong and solidified presence of

Flipkart & Amazon in India.1

» Amazon India’s business doubled in

2016.

» Alibaba and Paytm E-commerce invest

$200 million for a 20% stake in India’s

leading online grocery, Bigbasket.2

⋄ Meanwhile, Amazon Currently offers

food products in India via Amazon

Pantry, and same-day grocery

delivery on its Amazon Now app3

THREATS: RIVALRY IN SOUTHEAST

ASIA » Southeast Asia eCommerce market is on a

strong rally driven by young population,

growing middle class, and rising internet

penetration.2

» Alibaba invested $1B in Lazada group, the

largest eCommerce group in Southeast Asia.2

» Alibaba invest $1.1B in Indonesia’s largest

eCommerce platform, Tokopedia.4

» Amazon is set to launch its full services and

e-commerce portal in Singapore

$87.8 billion market by 2025

$1B

$1.1B

THREATS: COMPETITION FROM JD.COM » JD.com compete with Alibaba’s Tmall.

» JD have a greater degree of control over

product quality than BABA, but also a

thinner margin. 5

» JD also has an edge over BABA with

logistics and strong delivery system in

place ~ 80% of JD orders were delivered

same day or the next day. 5

» The JD-Tencent Alliance continue to steer

away users from Alibaba's mobile apps

~Tencent’s WeChat had 697 million monthly

users vs. 393 million users on Alibaba’s

mobile apps. 5

697 Million users

Alliance with

393 Million users

Mobile apps

4.COMPETITIVE PROFILE MATRIX

COMPETITIVE PROFILE MATRIXAlibaba Amazon JD.com

Critical Success Factor Weight Rating Score Rating Score Rating Score

Delivery Speed 0.2 3 0.6 5 1 4 0.8

Variety of Products 0.2 5 1 3.5 0.7 4 0.8

Authenticity 0.25 3 0.75 5 1.25 5 1.25

Customer Service 0.2 5 1 5 1 5 1

Location 0.15 2 0.3 4 0.6 3 0.45

Total 1.00 3.65 4.50 4.20

STRATEGIC GROUP MAPD

elive

ry P

rice

Delivery Speed

High

LowHigh

Mobility Barrier

STRATEGIC CANVAS

Low

High

MARKET SHARE713

1ST DIRECT COMPETITOR

AMAZON.COM, INC. OVERVIEW» Amazon is one of the largest

global online retailers 3

» Amazon offers a wide range of

products through its website such

as:

» Books

» Apparel

» Electronics

» Other general merchandise

product

DELIVERY SYSTEMOrder Type 4

Same-Day Delivery Price

Prime customers - Eligible

orders over $35*

FREE

Prime customers - Orders under

$35**

$5.99 per order

Non-Prime customers**

$8.99 per order plus $0.99 per

item

Gift Cards

$3.99 per order

» Amazon fulfill customer orders through

its fulfillment center and delivery

networks located in North America and

other foreign countries. 3

» Co-sourced and outsourced

arrangement in certain countries. 3

» Digital delivery.

» Amazon Prime membership cost:

$12.99/month free 2 days delivery.

AUTHENTICITYAmazon’s Anti - Counterfeit Policy:

“Products offered for sale on Amazon must be authentic. The sale of

counterfeit products is strictly prohibited. Failure to abide by this

policy may result in loss of selling privileges, funds being withheld,

and destruction of inventory in our possession.” 5

CUSTOMER SERVICE

» Manage orders 1

» Return & Refunds

» Device Support 1

» Payments & Gift

Cards

» Account Setting

LOCATION OF OPERATIONS» North America: Canada &

United States 3

» Europe: Germany, Spain,

France, Italy, and United

Kingdom 3

» Asia and Pacific: Australia,

China, and Japan

2ND DIRECT COMPETITOR

JD.COM OVERVIEW» Major competitor to Alibaba’s Tmall. 2

» One of the world’s leading company in AI

» China’s largest online retailer by revenue

» Products offered by JD.com:

» Foods

» Electronics

» Apparel

DELIVERY SYSTEM» 405 warehouses. 2

» Highly automated warehouse in

Shanghai. 5

» Offers free delivery to certain areas. 9

» Provide delivery option from 3 to 7

days or more.

» Full refund if the products failed to be

delivered. 10

AUTHENTICITY» Zero-tolerance towards 3

counterfeits.

» Direct sales model

⋄ Controls the entire supply

chain.

⋄ Limits the number of sellers.

» Identifies suspicious products or

sellers.

CUSTOMER SERVICE» Customer service hours :

21:00 Sunday to 06:00 Friday 9

» 24 hour email response

guarantee. 10

» IPR protection.

» Full refund available including

shipping fee.

LOCATION OF OPERATIONS

» Headquarter: Beijing,

China 2

» 200 countries and

regions.

» Highly automated

warehouse in

Shanghai, China 5

5.INTERNAL FACTOR

EVALUATION

IFE MATRIXKey Internal Factors Weight Rating Score

Strengths

1. Ample Business Ecosystem 0.20 4 0.80

2. E-Commerce Presence 0.20 3.8 0.76

3. Technological Infrastructure 0.15 3 0.45

Weaknesses

1. Authenticity 0.20 3 0.60

2. Location of Operation 0.15 3 0.45

3. Excessive Sellers 0.10 2 0.2

Score 1.00 3.26

STRENGTHS: AMPLE BUSINESS

ECOSYSTEM» Buyers, sellers, third-party service

providers, strategic alliance

partners, and investee companies

depend on Alibaba’s ecosystem.¹

» Services: B2B, B2C, C2C, group

buying, online payment, logistics,

online advertising, and cloud.

» Diverse marketplaces attract

buyers and sellers across multiple

interests domestically and

internationally.

STRENGTHS: STRONG PRESENCE IN E-COMMERCE » Has become one of the largest online

retailers in the world, operating in more

than 200 countries²

» World’s fastest growing e-commerce

market³

» Dominates China’s e-commerce (80% of

all online retail sales)⁴

» Set record for biggest IPO in history ($25

billion) when listed in NYSE in 2014 at

$68/ share.⁵

» More than 500 million people use

Alibaba’s shopping apps every month.²

STRENGTHS: EXPANDING

TECHNOLOGICAL INFRASTRUCTURE» Launched cloud services business in 2009, opening cloud storage,

computing and data analysis technologies to third-party customers.⁷» Surpassed Amazon, Microsoft and Google’s revenue growth in IaaS

sector (126.5% growth rate 2016).⁶

» Marked historic long-term partnership with the International Olympic

Committee (IOC) through 2028.⁸

» Alibaba Cloud has 33 availability zones across 16 economic centers globally ( China, Hong Kong, Singapore, Japan, Australia, Middle East, Europe, India and the U.S. (East and West Coast).⁹

WEAKNESS: FAKE OR COUNTERFEIT

PRODUCT ALLEGATIONS➢ The company spends more than $161 Million dollars every year on

anti-counterfeiting efforts. 2

➢ Alibaba have faced criticism from foreign governments, foreign

brands, and even China’s government over counterfeit items. 2

➢ In 2016, the company membership have been suspended due to

counterfeit products.

➢ The risk of counterfeiting remains a big concern and instances of

counterfeiting may impact brand image.

WEAKNESS: LOCATION OF OPERATION

➢ Alibaba mainly operates in China and Hong Kong. 11

➢ AliExpress.com platform is used for global E-commerce. 11

➢ It took them at least 6 days of delivery from China to the U.S.

WEAKNESS: EXCESSIVE SELLERS

➢ Alibaba is not putting cap on the number of sellers who register for the company. 12

➢ Sellers who make contracts, could not earn enough money for their online selling because of the extreme competition. 12

➢ Since Alibaba IPOs in 2014, there were more than 8.5 million active sellers, and it has only been going up.

5.FINANCIAL RATIOS

OVERVIEW OF FINANCIAL RATIOS

Alibaba Amazon JD.com

Net Profit Margin 29.82% 1.71% (0.29%)

Gross Margin 8,9,10 60.33% 37.07% 15.3%

Return on Assets 13.35% 2.83% (0.6%)

Return on Equity 24.28% 12.91% (2.23%)

Return on Invested Capital 19.7% 7.09% 4.74%

EBITDA $18,210 $16,132 ($0.205)

NET PROFIT MARGIN

» For every dollar Alibaba collects, it earns $0.2982

» Alibaba has a higher NPM compared to Amazon (1.71%) and

JD.com (-0.29%)

Net Income / Net Sales 7

$10,656 / $35,738 = 29.82%

GROSS MARGIN

[Sales - Cost of Goods Sold (COGS)] / Sales * 100 8

($35,738M - $14,178M/ $35,738M) * 100 = 60.33%

» For every dollar of revenue generated, Alibaba retains

$0.633 before operating expenses and income tax.

» Amazon gross margin is much lesser than Alibaba, and JD is

even worse. 9 & 10

RETURN ON ASSETS

Net Income / Total Assets

$10,656 / $79, 838.09 = 0.1335 or 13.35%¹⁰

» Alibaba is 13.35% profitable in relation to its total

assets.

» For every dollar of assets invested by Alibaba, it

earns a return of approximately $0.13 in net profit.

RETURN ON EQUITY

Net Income / Total Equity

$10,656 / 43883 = 0.2428 or 24.28%

» On every dollar invested in Alibaba Group, It turns to $0.2428

in net profit.13

» Compared to JD.com (-2.23%), Alibaba has almost 13 times as

much in Return on Equity.13&14

RETURN ON INVESTED CAPITAL

ROIC = ( Net income - Dividends ) / ( Debt + Equity )

BABA= ($10,656 Million-0) / ($13.647 Million+$40.454 Million)= 19.7%

➢ For every $1 invested in BABA, an investor makes 19.7%

EBITDA

Net Income + Interest Expense + Tax Expense +

Depreciation + Amortization

$10,656 + $369 + $4,924 +$ 2,261 = $18,210

» In 2017, Alibaba has earned a net income of $18,210 before interest, tax,

depreciation, and amortization expenses were taken.

» Alibaba has a significantly higher EBITDA compared to its competitors

Amazon and JD.com

6.STRATEGIC PLAN (PART II)

EFE MATRIXKey External Factors Weight Rating Score

Opportunities

1. Robust Outlook for Chinese Market 0.1 4.5 0.45

2. Increasing Online Shopping Market in India 0.2 4 0.8

3. Benefit from Acquisition of Youku Tudou 0.2 4.5 0.9

Threats

1. Traditional retailers moving online 0.1 3 0.3

2. Competition in India 0.1 4 0.4

3. Rivalry in Southeast Asia 0.2 2 0.4

4. Competition from JD 0.1 2 0.2

Score 1 3.45

IFE MATRIXKey Internal Factors Weight Rating Score

Strengths

1. Ample Business Ecosystem 0.20 4 0.80

2. E-Commerce Presence 0.20 3.8 0.76

3. Technological Infrastructure 0.15 3 0.45

Weaknesses

1. Authenticity 0.20 3 0.60

2. Location of Operation 0.15 3 0.45

3. Excessive Sellers 0.10 2 0.2

Score 1.00 3.26

INTERNAL-EXTERNAL ( IE) MATRIX

Strong (3.0 - 5.0) Average (2.0 - 2.99) Weak (1.0 - 1.99)

High (3.0 - 5.0)

Medium (2.0 - 2.99)

Low (1.0 - 1.99)

Nadia Halim,Thanaa Makdsi

SWOT MATRIX

Strengths (S)1. Ample Business Ecosystem2. E-commerce Presence3. Technological Infrastructure

Weaknesses (W)1. Authenticity2. Location of Operation3. Excessive Sellers

Opportunities (O)1. Robust Outlook for Chinese

Market2. Increasing Online Shopping

Market in India3. Benefit from Acquisition of

Youku Tudou

Strengths & Opportunities1. Implementation of Online-

to-Offline (O2O) strategy (S2, O1)

2. Globalization through the use of technological infrastructure (S3, O2)

Weaknesses & Opportunities1. Expand presence in Singapore

through M&A (W2, O1)2. Build more warehouses in strategic

locations to minimize delivery time (W2,O1)

Threats (T)1. Traditional retailers moving

online2. Competition in India3. Rivalry in Southeast Asia4. Competition from JD

Strengths & Threats1. Strengthen presence in India

(S2, T2)2. Increase presence in

Southeast Asia (S2, T3)

Weaknesses & Threats1. Collaborate with original

manufacturers to reduce counterfeits (W1, T4)

2. Increase and support collaboration with big retailers in China and other growing markets (W3, T1)

» Partnership with Lazada to bring

Taobao into Singapore 1

⋄ Additional $2 Billion investment to

speed up Southeast Asian

expansion 2

» Logistics hub in Thailand’s Eastern

Economic Corridor (EEC) 3

» Launching and investing into mobile

payments and financial services.

STRATEGY 1: INCREASED PRESENCE IN

SINGAPORE

STRATEGY 2: ONLINE-TO-OFFLINE (O2O)

» Wholesale remake of the Chinese retail

landscape 4

» Integration of online, offline, logistics

and data across a single value chain.

» Acquisitions and strategic alliances with

brick and mortars.

» Transformation of 10,000 mom-and-

pop convenience stores across China

into a vast network of Tmall.com brick-

and-mortar outlets.

» Alibaba should increase their

collaboration with local retailers

in growing markets such as

Japan.

» Japan’s leading ecommerce

company is Rakuten, but

partnering with local retailers

will help Alibaba gain traction.

» Seven-Eleven Japan, Ito-Yokado,

and Sogo & Seibu are potential

collaboration targets. (4)

STRATEGY 2: ONLINE-TO-OFFLINE (O2O)

» Alibaba should look into acquiring

Qoo10 to strengthen their position in

Singapore and to strengthen their

operational location weakness.

» Qoo10 is the biggest e-commerce

company in the region with 1.6 million

of registered users.¹

» Qoo10 has a strong position in other

Southeast Asian countries such as

Japan.²

» Alibaba can utilize Qoo10 for their

strong presence in electronics and

fashion e-commerce business.³

STRATEGY 3: M&A

Qoo10 Monthly Users Compared to Competitors

Qoo10 Will Fulfill at Three of Alibaba’s M&A Strategy Goals

QUANTITATIVE STRATEGIC PLANNING MATRIX

» Alibaba can use the online-to-offline strategy to

reform the Chinese market and the way they operate.

» Alibaba needs to create a retail store that allows

consumers to buy items immediately.

» Alibaba should create a strategic alliance with brick

and mortars retail stores.

» China’s population of 1.379B, e-commerce users

estimated: 253M. That’s only 18% of China’s

population

FINAL RECOMMENDATION STRATEGYOnline-to-Offline Strategy

FINAL RECOMMENDATION STRATEGY CONT.

» Continue with the implementation

of Online-to-Offline efforts. Alibaba

should create stores like Amazon,

which allow people to immediately

pick up their items.

» Alibaba should create stores that

promote their online items.

» Alibaba can use retail stores to show

people the real item, instead of showing

pictures. This could eliminate the

authenticity problem.

CURRENT ORGANIZATIONAL STRUCTURE

Functional Structure

CURRENT ORGANIZATIONAL STRUCTURE

PROPOSED ORGANIZATIONAL STRUCTURE

Matrix Structure:Function

& Product Line

PROPOSED

ORGANIZATIONAL

STRUCTURE

CURRENT ORGANIZATIONAL CULTURE

CURRENT ORGANIZATIONAL CULTURE

PROPOSED ORGANIZATIONAL CULTURE

PROPOSED ORGANIZATIONAL CULTURE

BALANCED SCORECARD: ONLINE-TO-

OFFLINE

Area of Objective Target Target DeadlinePrimary

Responsibility

Faster Delivery System

5% increase Q2 2019Operation

Management

Customer Service Value

3% increase Q3 2019Operation

Management

Market Expansion 10% increase Q2 2020Operation

Management

CURRENT PRODUCT POSITION MAP

Low Quality

High Quality

High PriceLow Price

PROPOSED PRODUCT POSITION MAP

Low Price

High Quality

High Price

Low Quality

CURRENT TARGET MARKET: CHINA» Alibaba controls up to 51.3 % of the retail

E-commerce share in the Chinese market.1

» Language barrier is not a problem, as they

created websites with different languages

to satisfy the customers’ needs.2

» They also have a good relationship with the

Chinese government.3

» They target small and medium sized private

enterprises and individual businessmen.

» It will be easier for small businesses to look

for suppliers.

» Target market demographic: Customer

with enough income and education to

access internet.

» Rising internet penetration, drop in data

access cost, and a shift to smartphones in

India (drop by 25-30% in internet cost). 4

» It is also predicted that by 2027, there will

be over 600 million online shoppers.5

» India also has much lower GDP per capita

($1,709) compared to China ($8,123).

PROPOSED TARGET MARKET: INDIA

» Indonesia is the most populated country in

Southeast Asia. (4th in the world) and the

largest economies in SouthEast Asia. 6

» About 51% of online shopper in China are

at the age of 18-34 while there are about

76% of online shopper at that age in

Indonesia.

» 67% of Millennials and 56% of Gen Xers

prefer to shop on online rather than in-

store.7

» It provides them the pride of being up to

date to the current trend. (Psychological

factor).

PROPOSED TARGET MARKET: INDONESIA

6.REFERENCES

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from-amazon-com-inc3. https://www.reuters.com/article/us-amazon-com-india/amazon-wins-indias-approval-

to-invest-in-domestic-food-retail-idUSKBN19W0G04. https://techcrunch.com/2017/08/17/alibaba-tokopedia/5. https://investorplace.com/2016/04/alibaba-baba-stock-threats-jd-com-tencent-

tcehy/#.WoWHjKjwY2w6. https://finance.yahoo.com/quote/BABA/balance-sheet?p=BABA

REFERENCES 1. http://www.alibabagroup.com/en/about/faqs2. https://www.cnbc.com/2017/09/22/alibaba-is-much-more-than-just-chinas-e-commerce-platform.html3. http://projects.wsj.com/alibaba/4. https://www.forbes.com/sites/quora/2014/05/08/how-did-alibaba-capture-80-of-chinese-e-

commerce/#7fb73fdf9edd5. http://fortune.com/2014/09/17/everything-you-need-to-know-about-alibaba-and-its-ipo/6. http://fortune.com/2017/09/27/cloud-computing-revenue-growth/7. http://www.scmp.com/tech/enterprises/article/2114965/alibaba-says-it-track-overtake-amazon-worlds-

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REFERENCES

1. http://corporate.jd.com2. http://corporate.jd.com/ourBusiness3. http://corporate.jd.com/commitmentToQualityAuthenticity4. http://media.corporate-

ir.net/media_files/IROL/25/253315/2017/JD.com%203Q2017%20Financial%20and%20Operational%20Highlights.pdf

5. http://www.bbc.com/future/story/20160701-the-huge-chinese-warehouse-run-by-robots-and-one-human

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REFERENCES (PART II)

1. https://www.nasdaq.com/article/a-closer-look-at-alibabas-southeast-asian-ambitions-cm7703182. https://seekingalpha.com/news/3340071-alibabas-aggressive-expansion-southeast-asia3. http://techwireasia.com/2018/03/alibaba-expanding-its-reach-in-southeast-asia-with-thai-investments/4. https://seekingalpha.com/article/4131322-alibabas-killer-o2o-strategy

REFERENCES (PART II)1. https://www.todayonline.com/business/qoo10-talks-malls-scale-online-platform2. https://e27.co/7-10-top-e-commerce-players-singapore-local-study-finds-20170905/3. https://www.techinasia.com/14-popular-ecommerce-sites-singapore4. https://www.thebalancesmb.com/largest-japan-retail-chains-2892251

REFERENCES (PART II)1. http://www.alibabagroup.com/en/about/culture2. http://www.alibabagroup.com/en/ir/governance_83. http://www.alibabagroup.com/en/about/leadership4. https://hbr.org/2014/05/alibaba-looks-more-like-ge-than-google5. https://www.forbes.com/sites/hengshao/2014/05/13/a-peek-inside-alibabas-corporate-

culture/#3e85d34c4efc6. https://dealbook.nytimes.com/2014/05/06/i-p-o-revives-debate-over-a-chinese-structure/7. https://money.usnews.com/investing/articles/2017-01-26/the-chinese-corporate-structure-that-terrifies-

american-investors

REFERENCES (PART II)1. https://seekingalpha.com/article/4131322-alibabas-killer-o2o-strategy2. https://seekingalpha.com/news/3340071-alibabas-aggressive-expansion-southeast-asia3. https://www.todayonline.com/business/qoo10-talks-malls-scale-online-platform4. https://www.techinasia.com/14-popular-ecommerce-sites-singapore5. https://www.export.gov/article?id=China-ecommerce

REFERENCES (PART II)1. https://www.forbes.com/sites/jaysomaney/2015/10/18/chinese-government-has-a-huge-stake-in-

alibaba/2/#23e66af94d9d2. https://www.techinasia.com/14-popular-ecommerce-sites-singapore3. http://www.bbc.com/news/world-asia-pacific-130178774. https://www.ecommercefuel.com/alibaba-vs-amazon/

REFERENCES (PART II)1. https://www.emarketer.com/Article/Alibabas-Tmall-Maintains-Ecommerce-Lead-China/10164322. http://ecommercechinaagency.com/top-marketing-strategies-to-success-with-alibaba/3. https://www.forbes.com/sites/jaysomaney/2015/10/18/chinese-government-has-a-huge-stake-in-

alibaba/2/#23e66af94d9d4. https://www.thehindubusinessline.com/info-tech/internet-bandwidth-prices-fall-25-30-in-last-two-

years/article20807334.ece15. https://www.ft.com/content/8ffad544-0b2a-11e8-8eb7-42f857ea9f096. http://www.afr.com/news/world/asia/indonesia-makes-an-aggressive-leap-into-the-world-of-ecommerce-

20171120-gzowmd7. https://www.bigcommerce.com/blog/ecommerce-trends/