Alibaba Group Holding Limited (NYSE:BABA) projects $60 billion in GMV for its B2B platform Alibaba.com in 2024, marking a 20% increase from last year’s $50 billion.

President Zhang Kuo explained that growth slowed after a sevenfold increase over five years and emphasized the need for new business model breakthroughs, SCMP reports from an interview.

Established in 1999 to connect overseas buyers with Chinese manufacturers, Alibaba.com now links Chinese suppliers with global businesses, contributing to $350 billion in exports last year.

Also Read: Alibaba’s New AI Model Claims to Beat OpenAI’s GPT-4 in Language Skills

With over 200,000 suppliers, 90% of whom are in China, the platform sees faster growth in non-consumer goods like machinery and construction materials.

Recently, it launched Alibaba Guaranteed, a service to simplify B2B sourcing with fixed prices and shipping fees. The platform also introduced AI tools, including a chatbot for exporters and a product-finding tool for buyers, enhancing its capabilities and appeal to users.

Price Action: BABA shares were trading lower by 1.22% at $79.04 at the last check on Friday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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