Alibaba Launches Invite-Only Online Marketplace in the US
Acsilyn Miyazaki | | Jun 12, 2014 01:28 AM EDT |
(Photo : Reuters) Chinese e-commerce giant Alibaba's headquarters.
China's e-commerce company Alibaba Group Holding Ltd. opened its first online shop in the US that caters directly to consumers, taking on the likes of eBay Inc. and Amazon.com Inc. in their home court.
Alibaba said that the new online shop, 11Main.com, will have a wide selection of products including unique finds that are not available in other e-commerce platforms and mass sellers. The website will is currently running on beta.
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On Wednesday, the web portal showed the message “opening soon”, indicating that it is still under “construction”. It also posted a message that read, “Our shop owners are currently unpacking and getting settled.”
Alibaba said that the invitation-only platform would be inspired by the actual shopping experience of customers in the local scene. The marketplace would also offer products in a wide range of categories including home and outdoor products, fashion and style as well as jewelry and watches.
The announcement was made as Alibaba prepares to launch its IPO in the United States aiming to raise more than US$15 billion, which is the biggest since Facebook’s public debut in 2012. In February, Reuters reported that Alibaba has been set to launch an e-commerce platform in the United States.
Jack Ma’s company has 80 percent holdings in online retail in the Chinese market. In 2013, the e-commerce giant has made US$250 billion in revenue which is more than that of eBay and Amazon combined.
Alibaba’s presence in the US market has expanded through investments in Quixey Inc., ShopRunner and Fanatics Inc. The move to launch 11main.com came as Alibaba set its eyes on conquering the global shopping scene and compete with other e-commerce giants in the US including Amazon.com.
An investment team has been set up by Alibaba in the United States to work with entrepreneurs engaging in e-commerce. The investment team would also help Alibaba learn about local operations.
Tags11main.com, Amazon, eBay
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