Chinese internet firms can look to chase growth through international markets and artificial intelligence (AI) in 2024, according to UBS. China’s e-commerce platforms, facing intense domestic competition with new rivals and short-video app operators, are ramping up overseas expansion, Kenneth Fong, head of China internet research at the Swiss investment bank, said in a briefing … Read more
“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,” Chris Lu, general manager at Alibaba.com North America, said in a statement last week. The Alibaba.com booth features the e-commerce platform’s artificial intelligence-powered Smart Assistant, designed to help users … Read more
TikTok, the global hit short-video platform owned by ByteDance, aims to grow the size of its US e-commerce business tenfold to as much as US$17.5 billion this year, according to people familiar with the matter, posing a bigger threat to Amazon.com. The 2024 merchandise volume goal for the US version of TikTok Shop – which … Read more
San Francisco: Growing e-commerce marketplace Temu has sued its rival Shein, alleging that the online shopping giant is using “Mafia-style” intimidation tactics on merchants. In the lawsuit filed in the US, Temu alleged that Shein deployed increasingly aggressive strategies to “illegally interfere with Temu’s business.” “Shein chokes the ultra-fast-fashion suppliers with exclusivity requirements and mafia-style … Read more
American e-commerce leader Amazon.com has introduced a slew of initiatives as part of a renewed strategy to help Chinese merchants sell abroad, at a time when China-founded rivals like Shein and Temu are gaining traction. The moves include an innovation centre in the southern tech hub of Shenzhen, the first in the Asia-Pacific region, that … Read more
Shares in GoTo, whose business includes ride-hailing, delivery and financial services, tumbled 8.3 per cent after the announcement, as some investors took profit from the stock’s recent rally on expectations of a deal with TikTok. A billboard advertising GoTo’s initial public offering in Jakarta, Indonesia in 2022. . Photo: Bloomberg “We need to see what … Read more
