Alibaba is the leading eCommerce website in China, allowing local Chinese businesses to sell products to foreign consumers. The billion dollar enterprise is led by Jack Ma, who recently met with President-elect Donald Trump on ways to expand the company’s global reach. According to a company statement ” Alibaba will create 1 million U.S. jobs by enabling 1 million American small businesses and farmers to sell American goods to China and Asian consumers on the Alibaba platform.”
The focus will be on America’s midwestern scene, with a promotion of agricultural goods, garments, and wines.
“EMarketer estimates that there will be more than $150 billion in cross-border e-commerce sales in China by 2020.”
The big reason for the push by Alibaba is it’s desire to expand into the US and European markets. So far it’s been a struggle for the company due to its accounting methods and ties with Taobao, which was caught selling counterfeit goods. The resetting of relationships should help Alibaba in its effort despite Chinese technology companies generally not having much success in the international market. If this investment materializes, it could be a boon for both Alibaba and the US.