The Chinese e-commerce giant Alibaba.com, which connects companies with manufacturers and wholesalers, is seeing a surge in transactions involving U.S. buyers and sellers as the coronavirus forces companies online.
The business-to-business platform saw a 100 percent year-over-year increase in the number of transactions involving U.S. buyers or sellers, according to John Caplan, president of Alibaba.com in North America and Europe.
"On a COVID-adjusted basis, Alibaba.com will do more transactional volume than Uber Rides or Airbnb lodging," Caplan told Cheddar.
The company chalks up the sudden uptick to shifting business trends amid the coronavirus pandemic. The role of trade shows in introducing companies to new suppliers and products is now being played by the online marketplace.
"You can't get on an airplane and go to a trade show anymore to find the newest, most innovative supplies," Caplan said.
Specific categories have powered the surge. Personal protective equipment and materials helped drive sales, as well as increased demand for home supplies and products.
"We've also seen remarkable growth in the work-from-home categories, things like office supplies for the home, education supplies for home, but also yoga wear, comfortable clothes, outdoor furniture," Caplan said. "Americans are becoming entrepreneurial from home, but they're also home-schooling and trying to stay fit and healthy."
Many small businesses that had not yet gone digital prior to the pandemic were forced to quickly adapt.
"We're seeing a generation of change," he said. "I think what would have taken a decade has happened in two months."
Tensions in the South China Sea, Apple moving to India, and banning TikTok? The podcast ‘Face Off: The U.S. Versus China’ helps explain how we got here.
Cust2Mate is a leading innovator in retail technology, aiming to revolutionize the shopping experience. By implementing smart cart technology, the tech company addresses the issue of theft while enhancing the shopper's journey.
The Biden administration has unveiled a plan, Plan B, to address the student loan debt crisis. It offers to cancel up to $20,000 in interest for borrowers enrolled in income-driven repayment plans. This proposal aims to reset balances for those facing growing debt due to unpaid interest, benefiting low—and middle-income borrowers. An estimated 25 million borrowers are eligible for some form of interest forgiveness.
As we head into the second quarter, there’s an argument in favor of buying Boeing stock. Why? As one expert says, ‘there’s nowhere else to get planes.’
With inflation and prices still on the rise, it might be worth considering a carpool app. One of them, Singapore-based Ryde, just went public in the U.S.
Full Glass Wine Co., the company behind Bright Cellars, Wine Insiders, and Winc, knows you fell in love with home delivery during the pandemic – and it’s investing millions into making it even better.
It might sound counterintuitive, but the Fed cutting interest rates three times this year could cause inflation to spike and actually be worse for markets and the economy as a whole.
