阿里巴巴增长战略不明

    如果阿里巴巴的举措是为了巩固在中国的领先地位，比如继续收购专业物流公司，那是好事。但现在，该公司的收购行动看着像是要脱离电商领域实现多元化。

    到目前为止，阿里巴巴在全球扩张方面做出的尝试都还没有成功，就算有巨额资金支持，这些措施也不太可能重现阿里巴巴在中国取得的成功。实际上，阿里巴巴最初起步时是一个全球B2B平台——Alibaba.com。格林说：“最初，Alibaba.com在海外苦苦挣扎。”实际情况证明，海外市场的竞争对手很难对付。“因此，阿里巴巴意识到自身在利用消费端的独特地位后，就把重心转移到了国内。”

    目前看来，阿里巴巴正在通过两条途径实现海外扩张。在俄罗斯和巴西等发展中市场，它想挑战eBay、亚马逊（Amazon）和当地电商，从而成为主要竞争者，乃至占据主导地位。在美国，还不清楚阿里巴巴是在四处投资以实现业务多元化；还是说它想复制自己的核心电商业务。该公司已经持有租车服务公司Lyft和零售网站ShopRunner的股份，这属于多元化。但它也推出了自己的购物网站11Main.com，这也许是其在美国打造全方位电商平台的先兆。

    投资者请注意，和阿里巴巴惊人的中国业务（为该公司贡献了93%的收入）相比，其全球扩张的盈利水平远不会像前者那么高。格林指出：“我完全相信阿里巴巴能在中国击败亚马逊，但我不大相信他们能在美国做到这一点。”

    格林认为，中国经济减速并不会给阿里巴巴带来多大的不利影响，他最担心的是阿里巴巴由于采取了错误的战略而自讨苦吃，以至于元气大伤。说到底，问题在于阿里巴巴如何运用自身资金。把大量资金投入中国市场令该公司大获成功。而在强手如林、人人都想分一杯羹的地方一掷千金则可能一败涂地。对阿里巴巴来说，全球化战略或许真的是个错误。（财富中文网）

    译者：Charlie

    If Alibaba does things to become more powerful at home, such as continuing its purchases of logistics specialists, that’s all to the good. But its current acquisition march looks more like a campaign to diversify away from e-commerce.

    So far, Alibaba’s attempts at global expansion haven’t worked, and they’re unlikely to produce anything resembling its success in China, even if they are supported by gigantic investments. Alibaba actually started as a global business-to-business marketplace, Alibaba.com. “From its earliest days, Alibaba.com struggled outside China,” says Green. Local companies proved formidable competitors. “So Alibaba pivoted back to China when they realized their unique position to capitalize on the consumer side.”

    Right now, Alibaba appears to be pursuing a two-part approach to foreign expansion. In developing markets such as Russia and Brazil, it wants to challenge eBay, Amazon, and local players to become a major or dominant competitor. In the U.S., it’s not clear if Alibaba is making scattered investments to diversify its holdings or if it wants to replicate its core e-commerce business. In the former category, it’s taken stakes in Lyft, a car-sharing service, and retail site ShopRunner. But it has also launched its own shopping platform, 11Main.com, a move that may foreshadow the creation of a full suite of e-commerce platforms in the U.S.

    Investors, take note: Alibaba’s global expansion won’t be nearly as profitable as its fabulous business in China, the source of 93% of its revenues. “I have great confidence about their ability to beat Amazon in China, and very little confidence in their ability to beat Amazon in the U.S.,” says Green.

    Green worries most that Alibaba will suffer not so much from a slowdown in China, but rather from a “self-inflicted wound” caused by pursuing the wrong strategy. It’s all about how Alibaba uses its capital. Pouring money into China has been a winner. Lavishing capital in places where tough competitors all want a piece could be a loser. For Alibaba, a global strategy may indeed be the wrong one.