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.
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.
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