Alibaba.com’s Trade Assurance service aims to help small and medium-sized enterprises build trust among buyers. — Photo courtesy of Alibaba.com
Alibaba.com, a leading platform for global business-to-business e-commerce, has introduced its Trade Assurance service.
The proprietary order protection service alleviates some of the risks in global B2B trade related to costs, product quality and shipment timelines.
It requires buyers to make payment at the time of purchase, with Alibaba.com holding the funds in escrow until they confirm satisfactory receipt of the order within a reasonable timeframe.
In addition to enhancing buyers’ trust, the service can also help improve suppliers’ visibility, ranking and exposure on Alibaba.com.
According to TT Garment, manufacturer of garment products, since it adopted Trade Assurance service in September, the company has greatly improved its order processing and transaction processes, bolstering customer confidence in placing large orders and making large payments.
Nguyễn Văn Thông, the company’s CEO, said: “We recently received an order from the United States for one of our hat products. The implementation of Trade Assurance accelerated the transaction process considerably.”
Roger Luo, Alibaba.com’s head of Southeast Asia, said: "Việt Nam is one of Alibaba.com’s high-potential supplier markets with a robust production capacity and a diverse range of product categories that attract substantial global buyer interest.
“[The Trade Assurance service] aims to foster trust between Vietnamese suppliers and global buyers, while also streamlining transaction processes.
“By doing so, we aim to enhance efficiency and unlock new business opportunities for Vietnamese suppliers."
Summer Gao, head of Southeast Asia supply chain services at Alibaba.com, said: “We are thrilled to bring Trade Assurance to Việt Nam ... We firmly believe that the comprehensive order protection it offers can reduce trade barriers for SMEs, opening pathways for them to flourish in the global marketplace.”
The company said Trade Assurance can help bolster the reputation of "made in Vietnam" products in the global market. — VNS