Ma made one thing abundantly clear — technology is going to advance global e-commerce over the next decade in ways we cannot begin to imagine. “We have industries now that never existed 10 years ago, and in another 10 years, we’ll have new industries. In that, we see the essence of change. Technology and change are interconnected,” he said.

Competition and Innovation

The Alibaba boss said that e-commerce and traditional retail shops are not competitors. “From the get-go, our intention [at Alibaba] was to be enablers of small businesses through technology. We’re not looking at traditional retailers as rivals. We’re competition, yes, but competition drives innovation — which promotes a better future for us all.”

“The challenge for us is not our so-called competition; it’s our ability to grasp the future and manage ourselves.”

Technology and Jobs

Ma also touched on the impact of technology on jobs. “People are worried that technology and machines will take away jobs,” he said, “but that kind of misconception can really stifle innovation.”

“A decade ago, there was no such thing as express delivery; we’ve now created four million jobs around that. We expect to create 10 million jobs in delivery in the next decade.”

That being said, the technopreneur stressed that it is not simply about increasing headcount. At the end of June 2015, Alibaba Group had 34,000 employees, but fewer than 10,000 of those were directly involved in the company’s core business functions – China's retail marketplaces and related gross merchandise volume. 

For Ma, it is about creating relevant functions, rather than lots of irrelevant roles. “We only create jobs to support innovation and technology, and this has allowed us to build an efficient business organisation,” he said.

The Future is Big Data

In Ma’s opinion, internet technology and big data are the two big drivers set to transform the infrastructure that commerce needs to thrive, which will in turn enable the growth of small- and medium-sized enterprises. “The internet arrived more than 20 years ago, but we have failed to utilise it to its full potential,” he observed.

“Data is the next raw material — greater than even oil or water. Big data will not only help capitalise tremendous market potential, but will also bridge the digital divide, promote information equity, and help raise living standards through economic opportunity.”

Currently, Alibaba is invested in several cloud computing and big data services. “We believe that these investments will build a base for an inclusive economy in the future,” said Ma. 

Globalisation and the Bigger Picture

The Chinese billionaire noted that technology would continue to help businesses around the world expand into overseas markets by capitalising on e‑commerce, internet financing, big data, and marketing and logistics platforms.

This process of technology-driven globalisation “will give all small-medium enterprises the chance to compete in a transparent and equal marketplace,” said Ma. It will bring benefits to consumers too, as they gain access to a truly global marketplace and the savings and choice that comes with this.

Cyber Threats

One of the most widely debated issues facing the internet based businesses is cyber security. However, Ma refuted the notion that e-commerce companies are not held to the same regulatory standards as the banking and finance industries.

“It is a misconception that companies like ours do not comply with regulations. We are constantly investigated by regulators. Our systems and processes are constantly vetted by authorities. And, unlike banks, we’re not burdened with rigid procedure, so we’re able to react and respond faster to potential threats to security.”

“While most banks have the support of governments, we don’t. We’re completely market-driven so it’s even more imperative that we maintain the highest of standards — otherwise it’s the end of the road for us,” he said.

A New Virtual Economy

In Ma’s opinion, the future ‘virtual’ economy will be the fifth-largest economy in the world — one that “is going to enable every small business or individual.”

In his vision of the future, anyone with a vehicle will be able to partake in ride sharing. This trickle-down effect will allow, “any farmer with a piece of land who cultivates crops to capitalise on the internet and sell his produce to anyone, anywhere in the world.”

“It’s not technology per say that causes change — it’s the dreams behind the technology that will change the world. It’s the spirit of innovation that will change lives for the better.”