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Alibaba adds more digital features for B2B customers

Wednesday 3 June 2020 10:27 CET | News

Alibaba Group has announced a series of new features for its Alibaba.com platform, which seeks to connect international suppliers with buyers. 

Alibaba Group sees opportunity to digitize the trade show landscape now that many events have been cancelled due to COVID-19, a move that the company says could help level the playing field for small businesses.

Among the new product introductions is Online Trade Shows USA, an effort to create more digital experiences in business-to-business (B2B) commerce where US-based wholesalers and manufacturers can meet new customers.

The company announced that it will be adding trade financing and freight features to the site as it seeks to build a more robust suite of offerings and address more pain points in global trade.

With the trade-financing option, “qualified buyers” will be able to order goods through the platform and pay for them up to 60 days after they ship. Cross-border trade between small businesses typically requires 100% payment upfront before goods ship, which can create a cash-flow issue for buyers.

The company is working with MSTS, a B2B credit company, to determine which buyers are qualified for the service. Alibaba is also partnering with digital freight marketplace Freightos to let businesses compare pricing and manage logistics for freight operations online.

 


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Keywords: Alibaba, digital, B2B, trade finance, cross-border trade, businesses
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: World
This article is part of category

Banking & Fintech