Cainiao to invest US$7.4b for logistic upgrades

Source: Xinhua | 2019-05-29

Alibaba’s logistics affiliate Cainiao Network aims to create 50 billion yuan (US$7.4 billion) worth of new value for the logistics industry in the next three years through upgrades of technology and services.

It will also use its Internet of Things platform to connect as many as 100 million smart devices at courier firms, warehouses and other industry partners, according to Cainiao President Wan Lin. Last year, Alibaba said it would invest more than 100 billion yuan over five years to fulfill all domestic deliveries within 24 hours and global orders within 72 hours.

“Digitalization is the foundation of the smart development of logistics as demand for new business formats and facilities emerges,” Alibaba CEO Daniel Zhang said.