This file photo provided by Alibaba.com shows its exclusive website for South Korean products, which will be available in the second quarter of 2024. (Yonhap)
SEOUL, July 22 (Korea Bizwire) – The Chinese e-commerce giant Alibaba.com is set to broaden its support for South Korean companies looking to expand their international reach through direct sales channels.
On July 22, Alibaba.com announced plans to officially launch the Korea Pavilion, a dedicated B2B website for Korean enterprises, on August 8.
This new platform, built on ConnectWave’s online sales solution PlayAuto, will feature a Korean-English simultaneous translation API, enabling small and medium-sized Korean businesses to showcase their products to global buyers without language barriers.
Through this initiative, Alibaba.com aims to facilitate the global B2B market entry for approximately 5,000 Korean SMEs.
At a press conference held at The Plaza Hotel in Seoul, Marco Yang, head of Alibaba.com Korea, emphasized the appeal of Korean products to worldwide consumers and global B2B buyers. “Alibaba.com will leverage the Korea Pavilion to provide Korean SMEs easier access to the global marketplace,” Yang stated.
This photo taken July 22, 2024, shows Alibaba.com Vice President Andrew Zheng giving a briefing on the Chinese e-commerce platform’s plan to launch an exclusive website for South Korean small and medium-sized enterprises on Aug. 8 during a press conference held at Plaza Hotel in central Seoul. (Yonhap)
According to Alibaba.com, from 2020 to 2023 a cumulative total of 2,550 Korean SMEs utilized the Alibaba.com B2B platform to sell their products overseas. In 2023 alone, 610,000 Korean products were introduced to international buyers, resulting in export contracts worth approximately 130 billion won.
Korean cosmetics, in particular, have seen remarkable growth in various markets. Alibaba.com reported that over the past few years, sales of Korean beauty products surged by 260% in Brazil, 253% in Germany, and 95% in India.
On a broader scale, the Alibaba Group has facilitated the sale of 34.3 trillion won worth of Korean goods to Chinese and Southeast Asian markets over the last four years through its various platforms, including Taobao, Tmall, and Lazada.
Currently, about 7,600 Korean brands have established a presence in the Chinese market through Taobao and Tmall.
Ashley Song (ashley@koreabizwire.com)
