Jack Ma, China’s Richest Man, Steps Down From $460 Billion Alibaba Empire

His farewell party is taking place in an 80,000-seat stadium. September 10, 2019 4 min read This story originally appeared on Business Insider Jack Ma, the flamboyant tech personality and the richest man in China, is leaving his $460 billion Alibaba empire 20 years after founding the company. Ma is stepping down as the chairman of Alibaba Group on Tuesday, his 55th birthday, as part of a long-planned succession scheme. Alibaba Group is the world’s largest e-commerce group, with more than triple the total reported sales of Amazon for 2018. A former English teacher, Ma founded the company with 17 others in a small apartment in 1999. It began as a company that sold Chinese goods around the world but shifted its focus to the domestic Chinese market as the country’s economy boomed. It later expanded into online banking, artificial intelligence and entertainment. The company’s 2014 initial public offering remains the biggest in history, […]

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Alibaba’s Opening an Online Store With Office Depot, as the 2 Companies Work to Beat Out Amazon

The companies hope to win over American business owners with the convenience of a one stop shop, melding Alibaba’s global platform with Office Depot’s U.S. experience. March 4, 2019 3 min read Brought to you by Business Insider Office Depot is teaming up with Chinese ecommerce giant Alibaba, as both companies hope to benefit from the other’s strengths to win over American small-business owners. On Monday, Office Depot and Alibaba.com announced a partnership aimed at American small- and medium-sized business, tapping into the business-to-business, or B2B, market in the U.S. The two companies are launching a co-branded online store, as well as collaborating on revamped customer support, distribution and fulfillment options. American businesses will have access to a new sales channel to sell their products globally through Alibaba.com. Office Depot and Alibaba hope to win over business owners with the convenience of a one stop shop, melding Alibaba’s global B2B platform […]

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Alibaba’s Singles Day Shopping Event Sales Hit $1 Billion in 85 Seconds

This comes in spite of tariffs and other challenges to Chinese tech. November 12, 2018 2 min read This story originally appeared on Engadget Chinese internet giant Alibaba is fond of crowing about its online shopping records, and that’s truer than ever this year. The company’s annual Global Shopping Festival, aka Singles Day, broke last year’s record by selling $30.8 billion in goods across 230 countries over the space of 24 hours, a hefty 27 percent increase over the $25.3 billion from 2017. However, the initial burst also stood out. It took just 85 seconds for Alibaba to sell its first $1 billion, and an hour to top $10 billion. That’s well past U.S. holiday sales — for context, Black Friday 2017 “only” generated $5 billion in online sales. The brands that most profited from the event included Apple, Dyson, Gap and Nike, among other big names. While not everyone is necessarily keen to celebrate a […]

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Is Drop Shipping Really a Good Idea?

Weebly founder David Rusenko isn’t a fan of drop shipping. He believes we’ve flooded the world with enough cheap crap. We don’t need any more middlemen flooding out Instagram feeds with knock-offs. But is he right? What’s wrong with middlemen doing the marketing legwork? I’ve been around the web a time or two and have seen drop shipping touted as the next affiliate marketing. But I’ve encountered few who’ve made it work. Here’s why you should be careful with one of the hottest trends in e-commerce right now. 1. What is Drop Shipping? I use the word middleman literally. If you sell or make lanyards but don’t really care to market your lanyards, a drop shipper is a great way to get your product out there. A drop shipper essentially sets up shop and sells your product as if it’s theirs. Often, a drop shipper works directly through a wholesaler […]

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