Alibaba acts as ‘economic winter’ hits
Print Edition
ALIBABA said it will expand relief efforts for small and medium-sized enterprises in the wake of economic uncertainties arising from the coronavirus pandemic.
The e-commerce giant is extending immediate settlement services until the end of June, instead of March, allowing merchants to receive payment from its third party settlement platform as soon as they ship their orders.
Normally they would have to wait until shoppers confirm receipt of their goods.
It’s also helping export-focused SMEs expand into new domestic markets via AliExpress, Lazada and Tmall World.
“The challenges we will face may be tougher than anything we’ve experienced over the past 20 years. The tougher the business environment, the more Alibaba needs to step up and fulfill our mission,” Alibaba Group Chairman and CEO Daniel Zhang said in a staff memo released yesterday.
“We will continue to ... help SMEs triumph over this economic winter,” he said.
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