3:41:03 PM | 6/30/2023
Alibaba.com, a leading platform for global business-to-business (B2B) e-commerce, and the International Trade Centre (ITC) have co-hosted a webinar titled “The Future of B2B E-commerce” in conjunction with the World MSME Day, providing valuable insights into the latest trends and tools available to Micro, Small and Medium Enterprises (MSMEs) worldwide in the digital economy.
During the webinar, ITC emphasized that e-commerce is progressing at a rapid pace and becoming an increasingly crucial channel for businesses to surpass traditional trade methods. Small businesses can reap significant benefits from e-commerce if they transform their organizational structure, invest in digital skills, and establish a strong online presence. ITC advised businesses to prioritize B2B e-commerce, select appropriate sales channels, and invest in digital skills to engage in international e-commerce successfully.
Alibaba.com concurred on the value of digital transformation for MSMEs during the webinar, highlighting its benefits of reducing business risks, expanding customer reach, improving productivity and cost management, and boosting company profits. Alibaba.com also pointed out the growing popularity of B2B livestreaming as a viable digital marketing means for MSMEs, which has been gaining traction on its platform and accumulated more than 13 million viewers by 2022, a year-on-year increase of 198%.
“We are proud to celebrate World MSME Day 2023 and the important role of MSMEs in the global economy with ITC. Alibaba.com is committed to helping MSMEs succeed by providing them with the tools and resources needed to thrive in the digital age. We believe that with our support, MSMEs can break barriers and build bridges towards a more prosperous future,” remarked Andrew Zheng, Head of Global Supplier Business at Alibaba.com.
According to Annabel Sykes, E-commerce and SME Digital Transformation Adviser at the International Trade Centre (ITC), “MSMEs are the backbone of most economies worldwide, and Alibaba.com’s efforts to help them connect and trade globally are significant. The digitalization of trade is a game-changer and can help MSMEs tap into new markets and grow their businesses. Alibaba.com is a strong partner in this journey.”
During fiscal year 2023, Alibaba.com brought together more than 40 million MSMEs worldwide through its B2B e-commerce platform. It supports its extensive network of buyers and sellers with digital tools and training designed specifically for B2B trade, such as communication and engagement tools, translation assistance, AI-powered buyer-supplier matching, platform analytics and digital commerce training. This has made it possible for a substantial portion of these MSMEs to evolve into micro-global enterprises.
With 785,000 MSMEs in Vietnam making up over 98% of the total number of businesses and contributing around 50% of the country’s gross domestic product (GDP), it is clear that the success of these businesses is integral to the overall success of the economy. By connecting Vietnamese SMEs with a vast global network of buyers and sellers, Alibaba.com has helped these businesses expand their market and find new customers overseas.
Hanh Sanh Produce, a Vietnamese electric fan manufacturer, has been utilizing Alibaba.com for four years to expand its business internationally. During this time, Alibaba.com has rapidly expanded its reach from the local market to five overseas markets. Steven To, Vice Managing Director of Hanh Sanh Produce, explains, “Through Alibaba.com, we can bring our products to the world and grow our company internationally. We firmly believe in the significance of cross-border e-commerce in the future of trading. As a supplier, possessing knowledge and e-commerce skills is critical for the success of the organization.”
Pham Ba Tien Household is another Vietnamese MSME that has benefited from using Alibaba.com. The company, which manufactures and distributes hair products, started its business in 2015. In a bid to increase efficiency and grow revenue, the company sought to vertically integrate within its industry, starting a distribution arm of its business that would cater to B2B hair sales locally and abroad. To help with this, they turned to Alibaba.com.
“When we started our business in 2015, we were focused only on manufacturing. But with time, we realized we could also benefit from selling directly to business buyers, instead of trading companies. Alibaba.com helped us get started in international exports in 2016, and since then, our revenues have nearly quadrupled,” said Nguyen Thi Dung, Sales Manager at Pham Ba Tien Household.
Thanh Tung (Vietnam Business Forum)
Vietnamese
