New Jersey, United States, 29th June, 10:00 AM ET: Alibaba.com, a pioneer of B2B e-commerce platform in association with International Trade Centre (ITC) co-hosted a webinar titled “The Future of B2B e-commerce” to commemorate World MSME Day, shedding light on all the latest trends, innovations and tools for the Micro, Small & Medium Enterprises globally.
The modus-operandi of the webinar followed with ITC highlighting the growth of the e-commerce industry which is progressing at a lightning speed. ITC was quick to point out that e-commerce has become integral to various crucial channels for business to overtake traditional trade methods.
The key takeaway from the webinar was the fact that how small businesses can harness maximum benefits and opportunities from e-commerce industry only by tweaking their organizational structure, investment in digital skills and establishing a strong online presence.
ITC recommends that businesses should give first preference to B2B e-commerce, choose apt sales channels, and set aside a budget for digital skills to implement international e-commerce seamlessly.
All of these were supported and concurred by Alibaba.com and went on to shed further light on the topic. The representatives of Alibaba.com explained the value of digital transformation for Micro, Small & Medium Enterprises and pointed out the benefits of lowering risks of businesses, expanding customer reach, enhance operational productivity and efficiency, and maximizing company turnover and profitability.
One of the unique ideas shared by Alibaba.com is the usage of B2B livestreaming which is increasingly growing in popularity and can be seen as a proper marketing means for MSMEs. The idea is backed by reports that claim B2B livestreaming has gained immense traction and hosts over 13 million viewers as of 2022, resulting in 198% year-over-year increase in viewership.
Andrew Zheng, Head of Global Supplier at Alibaba.com opines, “We are proud to celebrate World MSME Day 2023 and the important role of MSMEs in the global economy with ITC. Alibaba.com is committed to helping MSMEs succeed by providing them with the tools and resources needed to thrive in the digital age. We believe that with our support, MSMEs can break barriers and build bridges towards a more prosperous future.”
To further substantiate the avowal, Annabelle Skyes, E-commerce & SME Digital Transformation Adviser at the International Trade Centre (ITC) suggested that MSMEs are the spine of most of the economies worldwide, and the contribution of Alibaba.com to help them connect and trade globally are unmatched. Annabelle further added that the recent digitalization of trade has become a game changer and can help MSMEs tap into new markets and grow their businesses.
Recent data released by the Asia-Pacific Economic Cooperation (APEC) sheds light on the significant role small and medium-sized enterprises (SMEs) play in economies across the APEC region. These enterprises, comprising over 97% of all businesses, are responsible for employing more than half of the workforce. However, their contribution to direct exports remains relatively low, accounting for only 35% or less.
Recognizing the need to bridge this gap and empower SMEs, Alibaba.com has taken up the mantle of facilitating greater participation in global digital trade among micro, small, and medium-sized enterprises (MSMEs). The e-commerce giant has leveraged its expansive network of over 40 million small-business buyers and sellers, offering them tailored digital tools and comprehensive training specifically designed for B2B trade.
Alibaba.com’s support encompasses a range of features and services aimed at enhancing communication and engagement among MSMEs. These include cutting-edge translation assistance, AI-powered buyer-supplier matching, platform analytics, and digital commerce training. By arming MSMEs with these resources, a substantial portion of them have successfully transformed into micro-global enterprises, unlocking new opportunities, and breaking geographical barriers.
Zhang, a representative from Alibaba.com, emphasized the potential of technology and innovative tools to revolutionize MSMEs’ operations in the realm of B2B e-commerce. The digital trade landscape offers unprecedented possibilities for MSMEs to discover, engage with, and convert potential buyers, regardless of their physical location. This signifies a paradigm shift, enabling even the smallest enterprises to compete and thrive in the global marketplace.
To gain valuable insights from the Alibaba.com-ITC webinar, interested individuals can access the replay through the following link: https://tinyurl.com/595cfp3y
Alibaba.com, established in 1999, stands as a prominent global platform for business-to-business (B2B) e-commerce. Operating across more than 190 countries and regions, it facilitates connections between buyers and suppliers worldwide. The platform offers comprehensive services that encompass various facets of commerce, enabling businesses to expand their reach to a global audience and aiding buyers in discovering products, identifying suppliers, and swiftly placing online orders. Alibaba.com operates under the umbrella of Alibaba International Digital Commerce Group, cementing its position in the digital commerce landscape.