Alibaba to Rake in $15.61 Billion From High-End Goods
Desiree Sison | | Dec 08, 2015 06:46 AM EST |
(Photo : Reuters) Alibaba is hoping to earn up to $15 billion annually from high-end goods.
E-commerce giant Alibaba is leveling up its products by including more high-end goods in a bid to boost the sagging image of its online marketplace after being accused of selling low quality and fake signature items.
Reports indicate that Alibaba will work with a team of four quality inspection organizations to make sure that the products being sold on its platform are of high quality and will meet China's standards.
Like Us on Facebook
Alibaba plans to invest billions of yuan to entice quality product manufacturers to sell on the Taobao marketplace.
With this set up, Alibaba expects to rake in an annual sales target of 100 billion yuan ($15.61 billion) - just from high-end goods alone.
Economic analysts say Alibaba's move to partner with manufacturers of quality goods will not only give exporters the opportunity to tap into China's domestic market, but will boost the image of the e-commerce giant as among the best online marketplace for international and domestic shoppers.
Hangzhou-based Alibaba President Jin Jianhang said that more Chinese consumers are leaning towards overseas goods and products to the detriment of the local manufacturing companies.
"Many believe that made-in-China products cannot meet the demands of the country's increasingly choosy middle-class consumers," Jin said.
Jin pointed out that there are many companies in China that are manufacturing the products of well-known overseas brands.
Alibaba's Taobao marketplace has been accused of selling counterfeit goods, affecting the reputation and sales of the company..
"Taobao's growth momentum has been slowing because of the difficulty in cracking down on counterfeit and poor quality goods," Jin said.
In April, Alibaba set up a channel on the site dedicated to the sale of products of high-end manufacturers.
More than 4,500 high end manufacturers participated and set up online stores on the channel with sales expected to reach 15 billion yuan by the end of the year.
TagsAlibaba Counterfiet Goods, Alibaba fake goods, Alibaba High-End Products, Alibaba High-End Goods, Alibaba High Quality Products
©2015 Chinatopix All rights reserved. Do not reproduce without permission
EDITOR'S PICKS
-
Did the Trump administration just announce plans for a trade war with ‘hostile’ China and Russia?
-
US Senate passes Taiwan travel bill slammed by China
-
As Yan Sihong’s family grieves, here are other Chinese students who went missing abroad. Some have never been found
-
Beijing blasts Western critics who ‘smear China’ with the term sharp power
-
China Envoy Seeks to Defuse Tensions With U.S. as a Trade War Brews
-
Singapore's Deputy PM Provides Bitcoin Vote of Confidence Amid China's Blanket Bans
-
China warns investors over risks in overseas virtual currency trading
-
Chinese government most trustworthy: survey
-
Kashima Antlers On Course For Back-To-Back Titles
MOST POPULAR
LATEST NEWS
Zhou Yongkang: China's Former Security Chief Sentenced to Life in Prison
China's former Chief of the Ministry of Public Security, Zhou Yongkang, has been given a life sentence after he was found guilty of abusing his office, bribery and deliberately ... Full Article
TRENDING STORY
-
China Pork Prices Expected to Stabilize As The Supplies Recover
-
Elephone P9000 Smartphone is now on Sale on Amazon India
-
There's a Big Chance Cliffhangers Won't Still Be Resolved When Grey's Anatomy Season 13 Returns
-
Supreme Court Ruled on Samsung vs Apple Dispute for Patent Infringement
-
Microsoft Surface Pro 5 Rumors and Release Date: What is the Latest?