Jack Ma’s, the Founder of Alibaba, had a vision for Alibaba. It is a partner to all business people. It has enabled these businesses to access the riches only the Internet could unlock. Small companies find the Alibaba model attractive. It gives them access to the Chinese domestic and international markets. Manufacturers post their product listings on the site. Buyers worldwide use the platform to send inquiries to sellers in China.
They find Manufacturers, Suppliers, Exporters, Importers, Buyers, Wholesalers, Products, and Trade Leads on Alibaba.com. The platform enables them to interact and trade with each other and the outside world.
Alibaba offers a range of products to customers, most of whom are based out of China. It includes wholesale, group buying, retailing merchandise, luxury, branded products, financial products, and IT infrastructure services.
AliPay escrow payment-based services are another Chinese-specific facility. Payments for goods sit in an escrow account and are released only when both parties are satisfied with the deal and the product. The mechanism provided buyers with the assurance of payments for goods delivered. It has helped small businesses hugely.
Taobao.com and tmall.com group companies under the Alibaba banner, account for 15 percent and 14 percent of the global e-commerce market. Amazon comes third with a 13 percent market share in the world. Alibaba controls over 50 percent of China’s eCommerce market.
Alibaba has played a significant role in China’s journey from a poor developing country to the world’s second-largest economy. Alibaba has played an important part in transforming Chinese small businesses into large exporters.