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B2B marketplace operator Alibaba.com is on track to grow its gross merchandise volume (GMV) in 2024 by 20% to $60 billion, according to a new report.

B2B marketplace operator Alibaba.com is on track to grow its gross merchandise volume (GMV) in 2024. It may do so by as much as 20% to $60 billion, from $50 billion in 2023, according to Alibaba.com president Zhang Kuo.

He shared the projections in an interview with the South China Morning Post in Hong Kong published June 6. Growth in the B2B marketplace has “slowed after a sevenfold increase in GMV over the previous five years,” he also stated.

“It’s quite hard to double GMV every single year due to an increasingly large base,” he said. “The core issue is about the business model, as we need to make breakthroughs and transformations.”

At the same time, Alibaba is projecting an increase in GMV. In addition, Alibaba continues to roll out new marketplace features.

The latest digital tool for the marketplace is Alibaba Guaranteed, whereby buyers will be able to procure products at fixed prices with shipping fees included and shipped within 72 hours of order placement.

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Additional Alibaba features include:

  • Buyers can quickly get money back for order-related issues and make free local returns for defects.
  • Orders procured through Alibaba Guaranteed will be fulfilled by Alibaba.com, meaning the Alibaba platform manages finance, such as escrow and payment terms and after-sales services.

“Alibaba Guaranteed marks an exciting new chapter for SMEs and global sourcing as it will help to redefine the fulfillment standard of B2B cross-border trade,” Zhang said. “Global sourcing can be a complex process with many moving parts, but Alibaba Guaranteed can help SMEs navigate it with greater ease.”

Alibaba.com says it now serves more than 48 million small and medium-sized enterprises (SMEs) as buyers, with more than 200,000 suppliers on its platform worldwide.

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