Alibaba’s Jack Ma courts US firms

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Alibaba boss Jack Ma wants to attract 1 million modest US businesses to his e-commerce firm

Alibaba boss Jack Ma, the head of China’s largest e-commerce company, is usually in Detroit to woo US businesses to his platform, as China looks to replace America as the entire world’s largest consumer economy.

About 7,000 US brands market as well as sell using on Tmall, Alibaba’s marketplace, according to the company.

Mr Ma said in January he wants to attract one million US modest firms.

His push comes as US President Donald Trump emphasises increasing US exports.

At a meeting with Mr Trump in January, Mr Ma said he thought the US could add one million jobs over the next a few years, if he successfully attracted firms to his business.

that will’s not necessarily an easy sell. The average Chinese customer still lags when that will comes to spending power. Mr Ma has also faced concerns over counterfeit goods sold through his sites.

At the conference in Detroit in Wednesday, Mr Ma said Chinese families were hungry for US goods.

He said the internet empowered modest businesses to benefit by globalisation as well as boasted of the size of China’s market of nearly 1.4 billion people.

“Please view China as an opportunity,” he said. “Don’t miss This particular chance.”

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Donald Trump as well as Jack Ma met in January

The Detroit conference attracted brands such as Gerber, Martha Stewart as well as LuckyVitamin.

Alibaba is usually best known for its e-commerce business, which that will told investors This particular month accounts for 11% of retail sales in China.

nevertheless its scope extends into cloud computing, logistics, media as well as financial services, rivalling Amazon in ambition.

The firm reported nearly $23bn in revenue for its 2017 financial year as well as about $6bn in profits.

Amazon, by comparison, reported nearly $136bn in revenue as well as $2.4bn in profits in its most recent financial year.

Mr Ma said more than 0 million people shopped via mobile phone on an Alibaba site every day.

The firm also helps deliver about 60 million packages each day – a number he expects to see jump to one billion in 10 years, he said.

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