Its 3 core businesses — The Cigna Group, Cigna Healthcare, and Evernorth — cater to both payer and provider markets and provide coverage to 18M medical customers.

Cigna is betting big on technology to provide patients with more precise and personalized care experiences. It is looking at ways to use technology to conveniently deliver care, strengthen its insurance offerings, and do more with patient health data.

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This achievement is partly attributed to its pioneering work in accelerated computing, which uses specialty hardware to complete demanding software tasks much faster than previously possible.

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In response, BP has committed to reaching net-zero emissions by 2050. While it recently rolled back some of its end-of-decade emission reduction targets and shared it would invest up to $8B in oil and gas projects by the same year, it also reaffirmed its net-zero pledge and stated that it would allocate up to $8B in additional capital for its greener segments, like biogas.

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To meet this need, leading global payment network Visa has forged hundreds of strategic business partnerships, invested in dozens of companies, and made a few acquisitions over the last 2 years. 

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Over its 20+ year history, the China-based company has ventured into more and more industries, including cloud computing, healthcare, travel, and entertainment, among others — growing influential enough to attract intense scrutiny from a tech-wary Chinese government in recent years. And in March 2023, Alibaba announced it would split its sprawling business empire into 6 separate units.

At least 3 of these new units will focus on Alibaba’s core retail business. And they’re likely to remain committed to the behemoth’s vision for “New Retail” — a long-held aim to integrate Alibaba’s advanced e-commerce data and analytics into offline commerce to create a seamless omnichannel experience.

Using CB Insights data, we uncovered 5 of Alibaba’s most important strategic priorities in retail which will remain top-of-mind even as the company restructures. We then categorized companies by their business relationships with Alibaba across these priorities.

• Cross-border commerce
• E-commerce
• Express logistics
• Omnichannel retail
• Online grocery

This graphic includes investments, acquisitions, and business relationships for Alibaba Group, Alibaba Entrepreneurs Fund, and Tmall. These designations are not exhaustive of Alibaba’s investment and partnership activity in the analyzed period.

Cross-border commerce

Alibaba has formed several strategic partnerships via its logistics arm, Cainiao, to reach shoppers outside of China (as well as to connect foreign brands with Chinese customers). The company is particularly focused on less-mature markets where it can capture new growth.

It has partnered to enable cross-border logistics and shipping to South America (Atlas Air Worldwide Holdings), Japan (SGH Global Japan), Europe, the Middle East, and North Africa (Saudia Cargo). 

Alibaba has also formed smaller-scale partnerships with organizations like the Zhejiang China Commodities City Group Co. with the goal of helping small businesses extend their reach outside of China.

E-commerce

Alibaba’s investments in e-commerce platforms have focused on growing its reach in high-growth markets and in key product categories.

For instance, over the last 2 years, the retailer increased its stakes in Turkey-based online fashion marketplace Trendyol as well as in Singapore-based mass online marketplace Lazada. In addition to the potential for growth in Singapore, Lazada reaches even further across the competitive Southeast Asian retail landscape. Alibaba wants to extend the marketplace’s reach into Europe and other new markets as well. 

Alibaba’s investments also signal that it’s doubling down on growing categories. Its investment in online luxury marketplace Farfetch in November 2020 points to the importance of luxury shoppers and products in Asia. The deal included not only a $300M investment in Farfetch but also a $250M stake in a new joint venture called Farfetch China, both investments were in partnership with the Swiss luxury holding company Richemont. 

Express logistics

In recent years, Alibaba has increased its ownership stakes in the biggest express logistics companies in China. The companies offer fast logistics and delivery capabilities and have grown dramatically as a result of an increase in the use of e-commerce across China. 

Notably, the company fully acquired China-based logistics provider ALOG in August 2020. ALOG had been the main warehouse management provider for Tmall Mart, Alibaba’s online supermarket. 

Omnichannel retail

Alibaba continues to focus on grocery as a key building block for its store footprint and New Retail online-to-offline strategy. 

Since 2016, Alibaba has run its high-tech supermarket Freshippo, which deploys tech like electronic shelf labels, facial recognition, and robotics to enable more efficient shopping in stores as well as faster delivery. The chain now has nearly 300 locations.

Alibaba’s investments in recent years have added to its physical grocery footprint, with the aim to extend New Retail capabilities. The company’s biggest move in the sector was a $3.6B investment in Sun Art, one of the largest mass merchandiser and supermarket chains in China, in October 2020. The deal added nearly 500 stores to Alibaba’s brick-and-mortar network. Since then, Alibaba also led a $100M round for China-based T11 Food Market. 

Online grocery

Alibaba’s online grocery initiatives offer the company more ways to make New Retail connections between stores and online. They also enable the company to take advantage of the growth in online grocery, which expanded in China during the pandemic.

Its investments have reached across the grocery value chain. For instance, in February 2021, Alibaba took a minority stake in Caihuasuan, which builds pieces of the fresh food supply chain. 

Alibaba also invested 4 times in the group grocery buying platform Nice Tuan, which has since dissolved. But Alibaba’s attention to the company points to its interest in new online models like group buying, which has caught fire in the fast-growing lower-tier cities in China (as well as in India, South America, and elsewhere) where Alibaba is looking for growth.

A social commerce partnership may prove most fruitful for Alibaba’s online grocery ambitions. In August 2022, Alibaba’s online grocery platform Ele.me launched a presence on Douyin, the Chinese equivalent of TikTok (also owned by ByteDance). Douyin users can place grocery and restaurant orders directly via Ele.me on the video platform.

Other

Beyond these 5 strategic focus areas, Alibaba has made noteworthy investments, partnerships, and acquisitions across a range of other categories.

E-commerce enablement: In July 2020, Alibaba invested in the Australia-based cross-border payments processor Airwallex. Then in March 2021, the company invested $30M in China-based Leyan Tech, which makes AI-powered e-commerce customer service software. 

Media & content: Alibaba has made a few investments that indicate interest in advanced e-commerce content and the metaverse. In November 2021, the company backed a Series A round to China-based DGene, which makes mixed reality content for several industries, including AI-generated actors for film and TV, as well as digital influencers. Then in March 2022, Alibaba participated in a $60M Series C round for the mixed reality equipment and tech company Nreal, which is based in China. 

Sustainability: Sustainability has come into focus for Alibaba as it grows in importance for Chinese consumers as well as for the Chinese government. Along with a 2020 investment in Hong Kong-based green packaging developer Ecoinno, Alibaba also formed a “Waste Free World” partnership with Unilever in 2021. The companies designed machines that use AI to identify types of plastic and sort them to be recycled. Users get Unilever coupons and rewards on Alibaba’s payments platform AliPay.

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In an effort to boost growth, Santander has acquired, partnered with, and invested in fintech companies that enable better customer experiences, make it easier to access credit, and help businesses manage their finances. It has also launched new tech-forward payments and banking products (such as PagoNxt) and stepped into digital asset trading.

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Gone are the days when governments were the only players involved in space exploration. In the last decade, private companies like Elon Musk-led SpaceX have driven dramatic declines in launch costs, fueling an explosion of activity: 2022 saw a record 180 rockets launch into orbit, with 61 coming from SpaceX.

Innovation and cost reduction in space tech have also unleashed new opportunities on Earth, from expanding internet access to redefining military operations. Competition is heating up, not only between aerospace players, but also from non-traditional players like Amazon, which recently got the green light from the FCC for its Project Kuiper satellite constellation.

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Technology is becoming a bigger part of UHG’s value proposition and growth strategy. Its tech-forward health services subsidiary Optum accounts for over 56% of UHG’s total revenue.

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The company’s nuclear power plants make up approximately 60% of its power generation portfolio. Through strategic partnerships with companies like Westinghouse Electric and General Electric, Exelon is using data analytics to improve efficiency at nuclear facilities and other power plants.

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After decades of expanding into new verticals like security and healthcare, the company has recently divested of those spaces and is returning its focus to its core businesses of handheld tools and power equipment. Stanley Black & Decker is aggressively acquiring companies and investing billions of dollars in these areas with an industrial focus, helping reduce its exposure to the consumer market.

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The company has taken a two-pronged approach: partnering with established tech companies to improve current operations and products while investing in startups to prepare for autonomous vehicles and other longer-term innovations.

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However, as the shift toward autonomous and electric vehicles accelerates, automotive suppliers like Bosch are ramping up their investment in next-generation automotive technologies — such as advanced electronics and semiconductors — as well as establishing more collaborative relationships with other manufacturers.

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However, even with quarterly revenue growth in the double digits, the company is facing increasing profitability challenges. And the number of Amazon Prime members in the US reportedly fell to 168M last year from 170M in 2021 — the first drop since the program’s launch. 

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Automakers are shifting away from traditional technologies like internal combustion engines and moving toward a future of autonomous vehicles, electrification, and increased connectivity.

This transformation also extends beyond the vehicle and into the factory, where automation and robotics play an increasing role in the assembly line.

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Over the last several years, Novartis has acquired, partnered with, and invested in companies that support its mission to leverage artificial intelligence (AI) and other technology to improve its processes and create new products.

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In December 2021, Square changed its corporate name to Block, separating the corporate entity from its subsidiary businesses that it calls its “building blocks.” Those include Square, Cash App, Spiral, Tidal, and TBD.

Over the last 2 years, Block’s expansion activity through acquisitions, investments, and partnerships point to 2 clear goals for the evolution of the company and its subsidiaries: 

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As Affirm looks to enhance its core BNPL offering — and drive profitability and new growth — the company has forged hundreds of partnerships, invested in a handful of companies, and made 2 acquisitions over the last 3 years.

For example, the BNPL leader has deepened its partnerships with e-commerce platforms like Shopify and Amazon, reducing its reliance on Peloton — historically one of Affirm’s most important partners. Meanwhile, the company has grown its presence in new retail verticals and industries like travel. And its made strategic relationships, including the December 2020 acquisition of Canada-based BNPL provider PayBright, to expand beyond the US into Canada.

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However, supply chain issues, a tight labor market, and evolving customer habits — such as the growing use of third-party delivery apps — have made customer loyalty more difficult to earn and profit margins harder to maintain around the industry.

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Instacart is stepping up to help grocery retailers enhance the omnichannel shopper journey. 

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The company is now the largest medical device manufacturer in the world by total revenue, ahead of Johnson & Johnson MedTech and Siemens Healthineers — and it’s still innovating.

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However, this industry is rapidly changing as new technologies enter the mainstream, from 3D printing to augmented & virtual reality (AR/VR), forcing incumbents like Autodesk to adapt.

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The tech giant has other ideas.

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The company’s selloffs of eBay India, eBay South Korea, StubHub, and eBay Classifieds, along with the closure of its Turkish marketplace GittiGidiyor, mark a move away from trying to sell everything on its marketplace. Instead, eBay, which rose to fame as a specialized-item auction marketplace, is returning to its core business model.

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The same is true of understanding corporate strategy.

Understanding a company or its competitive strategy doesn’t come from listening to senior executives rattle off carefully coached talking points.

Instead, as Drucker points out, corporate strategy is visible in where companies allocate their time and money.

It is found by mining resource allocation and relationship data. Who are a company’s partners, investments, and M&A targets? These are the non-BS predictors of strategy.

Our 67-page coffee table book of strategy maps shines a light on the strategies behind some of the world’s most important companies — from Amazon and PayPal to Tesla and CVS Health.

If you’re a data and strategy nerd like us, we think you’ll enjoy this one.

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