Alibaba.com Introduces New AI-Powered Feature at CES to Boost Efficiency and Growth for SMEs and Entrepreneurs in 2024

Rhea-AI Summary

Alibaba.com (AIDC) to launch new Smart Assistant features at CES 2024, emphasizing commitment to small businesses and AI innovation

Insights

Market Research Analyst

The introduction of advanced AI features in Alibaba.com's Smart Assistant represents a significant step in the evolution of the B2B e-commerce sector. Enhanced AI capabilities could streamline the sourcing process for small businesses, which is essential in a landscape where efficiency and speed often determine market success. The ability to quickly adapt to market trends, manage supply chains and resolve sourcing challenges is crucial for businesses aiming to maintain a competitive edge.

From a market perspective, the deployment of AI tools like the Smart Assistant can lead to cost savings, improved customer experience and potentially increased market share for Alibaba.com. As small businesses benefit from these innovations, there could be a ripple effect leading to growth in the overall B2B e-commerce industry. However, the success of such technological advancements hinges on their accessibility, ease of use and the actual value they provide to end-users.

Financial Analyst

The launch of the Smart Assistant's new AI features may have positive implications for Alibaba's financial performance. By investing in AI, Alibaba.com is likely aiming to enhance user engagement and retention, which could translate into higher transaction volumes and revenue growth. Moreover, as these tools reduce the friction in global trade, they might attract a larger user base, including those who may have been previously deterred by the complexities of international sourcing.

Investors should monitor the adoption rates of the new features and the subsequent impact on Alibaba's market share and revenue streams. While the initial investment in AI technology could be substantial, the long-term payoff could be significant if the Smart Assistant leads to a more loyal customer base and an expanded presence in the global B2B marketplace.

Technology Analyst

The integration of AI into Alibaba.com's Smart Assistant is indicative of the broader trend of AI adoption in e-commerce platforms. The Instant Help feature, leveraging an AI-powered chatbot, could redefine customer support by providing instant, round-the-clock assistance. This technological advancement is particularly important as it caters to a global audience, overcoming language and time zone barriers that have traditionally impeded international business.

What's critical is the AI's ability to deliver not just any solution, but the right one for the user's specific context. The quality of the AI's learning algorithms, its data processing capabilities and its adaptability to diverse business scenarios will be key factors in determining its efficacy and, consequently, its impact on Alibaba.com's value proposition in the B2B e-commerce space.

Along with new AI features introduced to the global sourcing platform's Smart Assistant, Alibaba.com highlights commitment to the entrepreneurial spirit with new Entreprenuts campaign

NEW YORK, Jan. 9, 2024 /PRNewswire/ -- Alibaba.com, a leading platform for global business-to-business (B2B) e-commerce and part of Alibaba International Digital Commerce Group (AIDC), will launch its latest Smart Assistant features powered by artificial intelligence (AI) at CES in Las Vegas, NV from January 9-12, 2024. The Smart Assistant, an AI-powered global sourcing tool, caters to both newcomers and seasoned entrepreneurs in the dynamic world of global commerce.

As a one-stop B2B sourcing platform, Alibaba.com remains committed to delivering innovative solutions to help buyers and suppliers streamline operations to more efficiently reach their goals and continue to grow. The Smart Assistant updates unveiled at CES will help business owners adeptly enhance their supply chain and solve complex sourcing needs and challenges as they seek to stand out in today's competitive marketplace.

"Today's small businesses face a variety of headwinds, but with the right technology and support, they can feel confident that they will overcome obstacles and help their business thrive, which is why we're expanding the features of our new Smart Assistant tool to better serve today's entrepreneurs," said Chris Lu, General Manager at Alibaba.com North America. "With advances in AI, we are ushering in the next generation of sourcing and empowering small businesses to succeed with our Smart Assistant at their side."

The Smart Assistant: Shaping the Future of Sourcing
Alibaba.com developed the Smart Assistant as an AI-powered, intuitive personal guide to sourcing that helps small business owners discover new opportunities, stay up-to-date on trends, seamlessly track orders and more in a single, efficient touchpoint.

First announced at CES and coming soon to the Alibaba.com Smart Assistant is the Instant Help feature, which leverages an AI-powered chatbot to answer basic inquiries and offer real-time insights and resources, regardless of time zones or language barriers. The Instant Help feature provides buyers with essential knowledge and industry insights about a variety of verticals and product types, as well as offer tips to elevate their communications with suppliers. It will help ensure small businesses can increase efficiency, purchase smart and keep up with trends by leveraging AI to increase competitive advantages.

Since their launch in September 2023, the first two features of the Smart Assistant – Upgraded Image Search and Smart Request for Quotation (RFQ) – have already provided significant benefit to entrepreneurs using the Alibaba.com desktop platform. Based on Alibaba.com's internal study since September 2023, buyers using the Upgraded Image Search have seen a 28% higher deal closing rate than those only using traditional text search. Buyers who used the Smart RFQ tool saw 29% more quotes from suppliers, while suppliers saw a 21% increase in buyer responses to quotes as compared to the original RFQ process.

"Developed from buyer-supplier feedback and embedded with profound industry knowledge, we are excited to demonstrate how the Smart Assistant rapidly and accurately produces product requests and images aligning with buyer needs," Lu said. "Smart Assistant helps buyers embrace their creativity, improve the efficiency of matching buyers and sellers, while making sourcing more accessible for all."

Alibaba.com will provide a showcase of Smart Assistant features at their booth on Wednesday, January 10, 2024 at 11:00 AM PT, hosted by smart sourcing expert Stella Shenshen. The Alibaba.com booth is located at the Las Vegas Convention Center's Tech East in the AI and Robotics section in North Hall's Grand Lobby on level 1, Booth 9017.

Visitors to the booth will also have the opportunity to network and connect with 20 top-rated suppliers in-person, personally experiencing the ways Alibaba.com offers buyers advanced sourcing solutions and AI-powered tools to take their business to the next level.

Tech and AI Power the Future of Businesses, E-commerce and Sourcing
In addition to announcing new Smart Assistant features at CES, Alibaba.com leadership will discuss the evolution of e-commerce and sourcing, as well as how sourcing has been influenced and improved by AI and other technological innovations.

Rah Mahtani, Head of Marketing for North America at Alibaba.com, will be participating in the panel "Reshaping Retail – AI Creating Opportunity," discussing how industry leaders like Alibaba.com are helping entrepreneurs and small business owners harness the power of AI to streamline processes in B2B e-commerce and across the retail workflow. This session will take place on Wednesday, January 10 at 1:00 PM PT on Level 4 at Marcello 4404.

Going "Entreprenuts" to Support Small Business Innovation
To complement its presence at CES, Alibaba.com is also debuting a new campaign celebrating entrepreneurial spirit and innovation. The Entreprenuts campaign highlights how entrepreneurs are willing to bet big, as well as maintain persistence and boundless creativity, against daunting odds. In other words, they can go a little "entreprenuts" to achieve their dreams and create new products – just like the products showcased each year at CES.

Throughout the Entreprenuts campaign, which will run from January 8 through February 8, 2024, Alibaba.com will encourage buyers to share stories of their craziest entrepreneurial moments, utilizing the most "nuts'' stories in a video highlight to showcase what it means to be an Entreprenut.  Buyers can also earn their Entreprenut badge and profile by answering a questionnaire that will determine their unique Entreprenut characteristic. At the end of each quiz, buyers will be provided with exclusive tools and services to help them achieve their goals as they kickstart 2024.

"This campaign demonstrates Alibaba.com's continued support of small and medium-sized businesses in the United States and helping them realize their entrepreneurial dreams and push beyond what others might believe possible," said Rah Mahtani, Head of Marketing for North America at Alibaba.com. "As buyers share their experiences, Alibaba.com will offer innovative new resources and products to help these 'Entreprenuts' succeed on their journey."

The campaign debuts at a key crossroads for small business owners. The US has seen a surge in the number of newly registered businesses, which hit record highs in both 2021 (5.4 million) and 2022 (5.1 million). Sadly, 20% of these new businesses face failure within the first two years, and a staggering 45% of startups do not surpass the five-year mark due to challenges such as market volatility, supply chain disruption, shifting consumer demands, and inventory management. This makes the tools and capabilities Alibaba.com offers, which are designed to help entrepreneurs level up their sourcing and supply chain operations in the increasingly competitive small business arena, more valuable than ever.

For more information on Alibaba.com and its latest innovations, 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

FAQ

What is Alibaba.com's ticker symbol and what is the company's latest announcement?

Alibaba.com's ticker symbol is AIDC, and the company has announced the launch of new Smart Assistant features at CES 2024, highlighting its commitment to small businesses and AI innovation.

What is the purpose of Alibaba.com's Smart Assistant?

Alibaba.com's Smart Assistant is an AI-powered global sourcing tool designed to help small business owners discover new opportunities, stay updated on trends, track orders, and more in a single, efficient touchpoint.

What is the Instant Help feature and how does it benefit buyers?

The Instant Help feature, soon to be available on Alibaba.com's Smart Assistant, leverages an AI-powered chatbot to provide real-time insights and resources, offering essential knowledge and industry insights to buyers regardless of time zones or language barriers.

Who is Chris Lu and what is his role at Alibaba.com?

Chris Lu is the General Manager at Alibaba.com North America, and he emphasizes the importance of technology and support in helping small businesses overcome obstacles and thrive, especially through the expansion of the Smart Assistant tool.