Alibaba CEO: Short-Term Movement Won't Affect Long-Term Strategy

Shares of Alibaba Group Holding LtdBABA slumped heavily on Wednesday after the company reported quarterly revenue that missed Street's estimates.

Alibaba CEO Yong Zhang was on CNBC to discuss the buying patterns of the company's customers and its growth in mobile.

Buying Patterns

"We too are like all other company too and we closely monitor the Chinese economy and the consumer behaviors," Zhang began. "And as we reported this quarter, we have active buyers of 367 million. And when we further analyze the consumers' behavior, we observe that people averagely speaking they buy more than 50 times a year on our platform."

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He continued, "Basically what they buy covers a large variety of product assortment and they buy all these things for their daily lives. And most important thing, they come to our platform, not necessarily for a specific shopping purpose, but more like a lifestyle. So, our company have very clear long-term growth strategy and we believe this short-term movement won't affect our long-term strategy."

Growth In Mobile

On the company's growth in mobile transition, Zhang said, "This quarter we observed an increasing shift to mobile and actually we made very big progress in the mobile transition. And in this quarter we reported a 55 percent of GMV of our China retail marketplaces was from mobile and the 51 percent of the revenue are from mobile."

"So, today but if we look at the take rate our mobile site would have made very big progress in the mobile take rate, but still has a small gap between PC, but we are confident that mobile take rate will continue to grow and I will not surprise at the end of day mobile take rate can close to PC or even surpass PC take rate," Zhang concluded.