Alibaba Group affiliate company, Ant Financial Services Group, is reportedly investigating every possibility to reinforce its capabilities past financial services. These efforts can be seen from the recent plans of the company to bring third-party vendors onto its mobile payment platform known as Alipay. It also looks to offer food, retail, as well as healthcare-based services through the help of these vendors on the platform.

Ant Financial takes active efforts towards further value-creation when it comes to its clients. To that end, the company is looking to offer hotel bookings and food delivery services through Alipay. The company believes that the new move could probably support its competitive advantage against other players in China such as Meituan-Dianping and Tencent.

The most recent strategic move looks to be a step in the right direction for the company, considering the present worldwide health crisis prompted by the coronavirus, which is effectively putting individuals under house arrest. However, because of the COVID-19 fright, the adoption of apps as well as internet-based services has increased rapidly.

Alibaba has also urged developers to form mini programs for the third-party vendors, contriving 181 of those on Alipay in spite of the coronavirus sway. Likewise, delivery services were recently launched on Alipay by one of the vendors during this time period.

In addition, the firm’s Alipay-based value-addition endeavors are anticipated to attract new users and enhance the experience of the current users, which would in turn reinforce its client base.

Client-driven methodologies of the organization are expected to enhance the investors’ assurance in the short term. Talking about the company’s stock price performance, Alibaba had returned approximately 10.2% over a year, beating the 5.5% industry rise.

About Alibaba Group Holdings Ltd:
Alibaba Group is a Chinese multinational technology company which specializes in internet & technology, retail, and e-commerce. The company offers B2B, B2C, C2C sales services through web portals, and also services like cloud computing, electronic payment, and shopping search engines.

Source credit: https://finance.yahoo.com/news/alibaba-intends-offer-third-party-212809974.html