Alibaba Aims to Serve Over 1 Billion Shoppers Annually by 2024

Alibaba (NYSE: BABA) recently told investors that it will serve over 1 billion annual active customers worldwide by the end of fiscal 2024. That target sounds lofty, but Alibaba already served about 860 million active consumers over the past year, including 730 million active shoppers on its Chinese platforms and roughly 130 million across its cross-border and overseas marketplaces.

This means that Alibaba expects its active consumer base to grow at a compound annual growth rate of about 3% over the next five years. That ongoing growth is impressive for a company that already controls over half of China's e-commerce market, according to eMarketer. It also indicates that it could become tougher for rivals like JD.com (NASDAQ: JD) and Pinduoduo (NASDAQ: PDD) to keep up.

Image source: Alibaba.

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Source Fool.com