China’s largest e-commerce sites, Alibaba and JD.com are looking for additional growth opportunities.
Alibaba and JD.com are planning to use advanced e-commerce technologies to upgrade the country’s $4.9 trillion retail sector.
It is here that more than 80% of purchases still happen at physical locations. The companies are installing e-payment services inside shopping malls. In addition, they are designing more flexible supply chains and collecting consumer data to market products more efficiently.
And they have the tech prowess to accomplish that. Alibaba, for example, announced on Wednesday that it will more than double #research and development spending to over $15 billion in the next three years. They intend to establish labs worldwide. Meanwhile they re recruiting advisers from Massachusetts Institute of Technology, Princeton University and Peking University to focus on areas such as data analytics, quantum computing and machine learning.