Alibaba (BABA) is hosting it’s second annual co-create event in Las Vegas, where the Chinese e-commerce giant is releasing new products to enhance operations in both the US and around the world.
Alibaba.com president Kuo Zhang joins Yahoo Finance reporter Akiko Fujita to discuss Alibaba’s plans and newest innovations.
Zhang describes the current situation as “a perfect scenario” to assist individuals globally. He notes that the company launched AI capabilities for sellers on the platform last year, reaching over 30,000 customers. The new rollout, however, focuses on enhancing the buyer experience with AI capabilities.
Regarding expansion in the US market, Zhang reveals plans to launch new financial services in partnership with Mastercard (MA). This collaboration aims to streamline transactions by offering users 3% cashback on online purchases through Alibaba and allowing hassle-free returns when using the card if received items don’t meet consumer expectations.
Zhang outlines three strategies the company will implement over the next three years. First, they plan to enhance AI usage on the platform to “lower the barrier for more buyers and suppliers to come in” and facilitate easier business interactions. Secondly, they aim to improve the B2B supply chain “to make sure the buyers and sellers can trust each other.” Lastly, they intend to implement initiatives to help buyers easily cope with supply chain disruptions.
With US presidential election campaigns underway, talks around Chinese tariffs have heightened. Zhang notes tariffs are only “one part” of global trade, noting that companies will have to account for these changes. Though he notes Alibaba will try to help sellers by diversifying suppliers globally.
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