Alibaba folds food delivery, online travel services into core ecommerce unit: Report

News Snapshot:

Alibaba on Monday said it will merge its food delivery platform and online travel agency Fliggy into its core e-commerce business as the Chinese group streamlines operations amid intensifying competition. A prolonged property crisis and the economic fallout of the U.S.’s evolving trade policy have dampened spending appetite of Chinese shoppers. At the same time, Chinese e-commerce giants are engaged in a price war and have been aggressively expanding into “instant retail,” which focuses on delivery times of just 30 to 60 minutes, to attract buyers. The company said the reorganization was a “strategic upgrade” as it transitions from a...