Web references: http://www.alibaba.com
If you want to grow, find a good opportunity. Today, if you want to be a great company, think about what social problem you could solve.
– Jack Ma, founder of Alibaba
Who are they?
Alibaba is one of the world’s biggest e-commerce B2B marketplaces with annual gross profits of $1000 billion. The company has just completed the biggest IPO of the year after much anticipation, raising over $20 billion.
The IPO and a flurry of savvy business decisions have positioned Alibaba in the top tier of tech companies worldwide.
Alibaba has solidified their position as a global leader in sourcing and supply chain management. Their business model allows big and small companies to connect with big and small manufacturers from all over, especially in traditionally hard to reach markets like Asia. By also offering product/service inspection and payment escrow they insulate buyers against shady deals, reducing the odds of dissatisfaction.
The Giant Gets Mobile
Not content with just accumulating wealth, Alibaba has made key acquisitions and has diversified as the company has sought to expand. One of the most noteworthy ventures is Alipay, a global and mobile e-pay solution for buyers and sellers. Around since 2004 it is still largely confined to the Chinese market where it dominates with a 70% share that translates into 550 million users. Recently a strategic partnership with Apple has been hinted at which would potentially add another 800 million global users to the Alibaba database.
What is the Alipay Wallet App?
Having the ability to make a purchase anytime, anywhere is a powerful thing. Alipay acts as a digital wallet where users can pay for everything from taxis to restaurants to plane tickets. Alipay is even integrated into some vending machines. Alibaba has also created an Alibaba mobile app that has the full functionality of the website but which allows users to be more agile and tapped in. This has strengthened their hold on e-commerce supply chain management, integrating it with mobile social media tools that allow for buy/sell/quote alerts as well as more direct connection between all parties.
The world will keep watching Alibaba as it expands, nimbly toeing political, cultural and global market lines as it continues its effort to remain both admired and desired by all.
Submitted by: Richard Barrett, MOHLTC
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