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."
President Donald Trump said he has decided to lower his combined tariff rates on imports of Chinese goods to 47% after talks with Chinese leader Xi Jinping on curbing fentanyl trafficking.
Universal Music Group and AI platform Udio have settled a copyright lawsuit and will collaborate on a new music creation and streaming platform. The companies announced on Wednesday that they reached a compensatory legal settlement and new licensing agreements. These agreements aim to provide more revenue opportunities for Universal's artists and songwriters. The rise of AI song generation tools like Udio has disrupted the music streaming industry, leading to accusations from record labels. This deal marks the first since Universal and others sued Udio and Suno last year. Financial terms of the settlement weren't disclosed.
Nvidia on Wednesday became the first public company to reach a market capitalization of $5 trillion. The ravenous appetite for the Silicon Valley company’s chips is the main reason that the company’s stock price has increased so rapidly since early 2023.
Chris Williamson, Chief Business Economist at S&P Global, breaks down September’s CPI print and inflation trends, explaining what it means for markets.
