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Tuesday June 25 2024

Alibaba expands its presence in global markets

9 June 2024 19:47 (UTC+04:00)
Alibaba expands its presence in global markets
Nazrin Abdul
Nazrin Abdul
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The Chinese retail sales representative, Alibaba, expands its global presence by introducing new services aimed at attracting small businesses in the US and European countries to the e-commerce segment, Azernews reports.

Citing global media sources, Alibaba.com has announced the launch of the "Alibaba Guaranteed" service, which will enhance transparency in procurement, payments, and dispute resolution processes.

Chinese consumers have long had the ability to track the supply process and return unsatisfactory goods under favorable conditions. However, until recently, such an option was not available for small retail businesses due to trade-related difficulties. The new service from Alibaba.com aims to provide customers with more precise information about delivery dates and free return options.

As noted by Alibaba.com's President Kuo Jian, such a service is in line with current global trends.

He points out that there is a high degree of fragmentation in global supply chains: from cosmetics manufacturers to automotive conglomerates, an increasing number of local businesses require global procurement to protect their supply chains.

Based on the online platform, Chinese suppliers are engaged in selling goods to small businesses in the US, European countries, and other regions worldwide. While purchases are available both at retail and wholesale levels on the Alibaba.com site, the supplier registration page emphasizes a preference for conducting business with corporate clients.

Kuo Jian claims that over the past five years, the number of buyers on Alibaba.com has tripled, and the total volume of online transactions has reached approximately $50 billion. The increasing popularity of electric vehicles has led to increased demand for automotive parts sold on the Alibaba.com platform. There is also demand for sports products among European buyers.

According to Natalya Milchakova, a leading analyst at Freedom Finance Global, the creation of the "Alibaba Guaranteed" service for European companies is long overdue, as the high cost of returns and rising inflation in Europe are reducing the customer base for retail sales. The analyst notes that the application of artificial intelligence to this new service will significantly increase the Chinese company's customer base in Europe in the future.

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