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Trade Assurance provides a full set of protections for buyers in
global trading- Alibaba.com will refund the buyer for the supplier if
the supplier does not meet the shipping time or the quality of
products fails to meet contract requirements.
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Upgraded Trade Assurance program allows buyers to view
participating suppliers’ trading info including number of relevant
transactions and turnover.
Leading global wholesale trading platform Alibaba.com, a subsidiary of
Alibaba Group (NYSE:BABA), today announced an upgrade of its Trade
Assurance program, a free service designed to give businesses peace of
mind when buying from overseas suppliers. With the upgrade, buyers who
make purchases from qualified Alibaba.com suppliers will be entitled to
up to a full refund of their deposits or order amounts should suppliers
fail to meet the shipping times or product quality specified in
contracts. Coverage has been extended to post delivery, meaning buyers
are now entitled to full refunds in relevant transactions if they spot
quality problems after receiving orders.
Through the upgraded service, Alibaba.com is bidding to boost trust in
international trading over the Internet. “By providing maximum trade
protection, Alibaba.com aims to make cross-border trading easier,
therefore empowering small-and medium-sized businesses to engage in
global trading,” said Wu Min Zhi, Senior Vice President, Alibaba Group.
“By lessening concerns and building trust in international trade, we are
committed to introducing more trade opportunities to Alibaba.com
members. As a result, small and medium-sized businesses will not miss
out the benefits of international trading due to trust concerns over
product quality or payment security.”
To help make it easier for small businesses to identify reliable trading
partners, Alibaba.com suppliers who qualify for the Trade Assurance
program can display a Trade Assurance icon on their Alibaba.com virtual
storefronts. To further improve transparency, storefronts will also
display the total number of relevant transactions and total value of
relevant deals completed over the previous 12 months. In addition,
Alibaba.com will show how often and how quickly qualified suppliers
responded to their own customers.
Trade Assurance is immediately available to all of Alibaba.com’s
millions of global buyers trading with Chinese suppliers, and it will be
available for non-Chinese suppliers to participate in the coming months.
Participation in the Trade Assurance program is voluntary for suppliers.
Alibaba.com uses data analytics to assess suppliers’ past performance
and trading histories over six-month periods to determine who can join.
Every qualified supplier is assigned a Trade Assurance Amount, which
will be used to cover the buyer’s loss in the event of the supplier’s
breach of the purchase contract.
Key Aspects of Alibaba.com’s Trade Assurance program:
(1) 100% payment protection
- Buyers can choose to be
covered for their deposit or the total value of the order, subject to
the overall Trade Assurance Amount approved for the supplier. Buyers and
suppliers must agree on the type and extent of protection.
(2) 100% product quality protection
- Buyers can select
either pre-shipment or post-delivery protection. Alibaba.com
will provide refunds for the suppliers to buyers should the product
quality fail to meet the specifications agreed in the purchase contract.
(3) 100% on-time shipment protection
Alibaba.com
will provide refunds for the suppliers to buyers should shipments fail
to be delivered by the supplier-agreed times.
The new Trade Assurance program covers payments made by telegraphic
transfer (T/T) and will be extended to other payment methods in the
future.
For more information on Trade Assurance, visit http://tradeassurance.alibaba.com/.
About Alibaba.com
The first business of Alibaba Group (NYSE:BABA), Alibaba.com (www.alibaba.com)
is the leading platform for global wholesale trade serving millions of
buyers and suppliers around the world. Through Alibaba.com, small
businesses can sell their products to companies in other countries.
Sellers on Alibaba.com are typically manufacturers and distributors
based in China and other manufacturing countries such as India,
Pakistan, the United States and Thailand.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150721006394/en/
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