New Delhi: Chinese e-commerce Alibaba Group’s business-to-business arm, Alibaba.com on Monday said that India is one of its fastest growing markets in the world with about 4.5 million registered users.
Alibaba.com launched an online platform SMILE (Small and Medium Industries Leveraging Export) to provide small and medium enterprises access to global counterparts. SMILE also hopes to provide trading support to Indian sellers, and facilitate global sales of Indian products through it. The company also aims at having more than double its user base in India in the next few years through this new wholesale-trading platform.
During his visit to Delhi, Timothy Leung, Head of Global Business Development said that India accounts to be the second most important market for the company after China, followed by the US and Europe. Leung also said that India is at a stage where e-commerce is set to kick-off and Alibaba Group sees a huge opportunity there.
“There are similarities in our experience in Chinese and Indian markets in terms of population size, kind of SMEs and also the core path in the e-commerce. We are also looking at our experience in the past in China and match it with what is happening in India,” added Leung.
A little on the consumer side of Chinese major Alibaba Group, its financial arm Ant Financial has also picked stakes in Indian e-commerce companies such as Paytm and Snapdeal.
Source: The Economic Times