Benzinga - by Anusuya Lahiri, Benzinga Editor.
Alibaba Group Holding Ltd (NYSE:BABA) is revamping the webpage of its Taobao e-commerce platform, launching the most significant update in seven years, to enhance the shopping experience ahead of China’s major 618 shopping festival.
This initiative by Taobao and Tmall Group, Alibaba’s domestic e-commerce unit, aims to streamline the layout and simplify the search and purchase process for users and merchants.
Alibaba is focusing on this upgrade to attract new users and reclaim its leading position in China’s competitive e-commerce landscape amid a challenging restructuring phase, SCMP reports.
Also Read: Alibaba’s Taobao Launches 3D Shopping App for Apple’s Vision Pro – A New Era for Online Retail in China
The update introduces new features and modifies existing ones, improving functionality like extended login times and displaying discounts directly in the shopping cart.
Additionally, Taobao is reintroducing an early online forum, Taojianghu, to enrich user interaction. Plans for further enhancements include leveraging the benefits of larger screens to integrate the web and mobile app versions better, enhancing overall consumer experiences.
Alibaba remains engaged in host of initiatives to drive shareholder value including building data center in Vietnam for local data storage, fintech affiliate Ant Group enriching its global presence via digital platform, Alipay+.
Alibaba stock lost 5% in the last 12 months. Investors can gain exposure to the stock via Invesco Golden Dragon China ETF (NASDAQ:PGJ) and Tidal Trust II CoreValues Alpha Greater China Growth ETF (NYSE:CGRO).
Price Action: BABA shares traded lower by 2.39% at $79.60 at the last check Tuesday.
Also Read: Alibaba and Lenovo Team Up to For AI PCs, Setting New Standards in Tech
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo by BEAUTY STUDIO via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.