NEW YORK, Feb. 29, 2024 /PRNewswire/ -- Alibaba.com, a leading platform for global business-to-business (B2B) e-commerce and part of Alibaba International Digital Commerce Group, today released new insights on the sourcing and supply chain challenges and opportunities facing U.S. businesses, revealed the highlights of its annual online trade fair March Expo, and rolled out more guaranteed services.
This year's edition of Alibaba.com's 24/7 month-long digital trade show starts on March 1, 2024, and will feature over a million new products at preferential prices.
Rising Optimism Fuels Online Sourcing Trend Among U.S. SMEs
A recent survey conducted by Alibaba.com reveals a growing trend among small and medium-sized enterprises (SMEs) in the United States towards online global sourcing for the year 2024, against the backdrop of a turbulent market.
The survey highlights a strong sense of optimism among U.S. business owners and supply chain professionals, with an overwhelming 98% of the SMEs surveyed displaying some level of optimism about their business prospects in 2024, and 41% declaring they are very optimistic.
A shift in sourcing strategies is notable, as two-thirds (66%) of SMEs indicated they plan to increase their reliance on online global sourcing in 2024. Additionally, a majority (58%) of these businesses intend to source a greater variety of new products over the next two years to boost revenue.
The survey also sheds light on the reasons behind the growing preference for online sourcing. A notable 39% of businesses cited the competitive pricing available online as a driving force for focusing their sourcing efforts on the internet, while 32% pointed to the expansive array of product options.
However, when engaging in cross-border sourcing, delivery time, logistics costs and worries of not receiving products emerged as the top three main concerns, with up to 22% of respondents ranking them as their top challenges.
More Guarantees for this March Expo
In response to the above concerns, the 2024 edition of March Expo will see the platform provide more "guaranteed services" to help buyers source more effectively and with confidence.
"Amidst the challenges confronting SMEs today, the right technology and support can equip entrepreneurs with the capability to overcome obstacles and achieve success," said Rah Mahtani, Head of Marketing for North America at Alibaba.com. "That's why we are expanding our guaranteed services to provide entrepreneurs with peace of mind when making purchasing decisions crucial to their growth."
These 'guaranteed services' will enable U.S. SMEs to source even more efficiently, allowing them to order directly from Alibaba.com without having to negotiate with suppliers. This new approach to online sourcing offers B2B buyers guaranteed fixed prices, on-time delivery and hassle-free refunds. Key benefits will include:
- Guaranteed fixed prices, with shipping fees included
- Promised dispatch of goods within 72 hours
- Guaranteed delivery by the expected date
- Money back for order issues, plus free local returns for defects
This March Expo also officially introduced the Top 100 Wow list, selecting products available on Alibaba.com with a high profit potential to help SMEs reduce time costs and increase efficiency. For new buyers who have not made any purchases on Alibaba.com in the last year, the month-long online trade fair offers up to $60 off on their initial orders of eligible products.
About the Survey:
In December of 2023, Alibaba.com surveyed 502 U.S. businesses through an independent agency. These businesses ranged in size with one employee to those with 500 or more.
For more information on Alibaba.com and the report, please visit https://www.alibaba.com/. To schedule a press interview, please contact alibaba@finnpartners.com.
About Alibaba.com
Launched in 1999, Alibaba.com is a leading platform for global business-to-business (B2B) e-commerce that serves buyers and suppliers from over 200 countries and regions around the world. It is engaged in services covering all aspects of commerce, including providing businesses with tools that help them reach a global audience for their products and helping buyers discover products, find suppliers and place orders online fast and efficiently. Alibaba.com is part of Alibaba International Digital Commerce Group.
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SOURCE Alibaba.com
