Who is Jack Ma?
Today mark’s the much anticipated IPO or initial public offering of Alibaba which was founded by Jack Ma in 1999.
The main core of the business is for people to source manufacturers for certain goods.
For instance, I want to make 2,000 toga’s or 5,000 USA hats for a special theme party. I simply hop onto Alibababa and list my business inquiry.
I look for gold member vendor’s. These guys are certified and have had good reviews. Alibaba vendors will come back with information on pricing, time of delivery, and we would start communicating.
Some obvious red flags I look for is their response to my emails or over promising on delivery dates. So when you order make sure you remember to calculate the shipping cost to let’s say arrive in New York City.
The adage is “if it’s too good to be true it probably is.” So if you find a manufacturer that is 50% lower than the next competitor make sure you use some common sense judgement and do some due diligence.
Going back to Alibaba, Jack Ma a former high school teacher founded the company in 1999 in Eastern China. Jack Ma has consistently admitted to not being tech savvy but instead known as a visionary and entrepreneur.
Alibaba meaning “open sesame” also own Alipay.com which can be used as a escrow service when you manufacture those USA hats.
Alibaba is relatively unknown to most Americans unless you are in import or export business or have traveled aboard to China. They also own Taoboa, a consumer to consumer, shopping sites as well as Tmall.
Last year in 2013, Alibaba did 248 billion dollars worth of transaction which is more than Amazon and Ebay combined.
More than eighty percent of the world’s e commerce happens on Alibaba.
This is just the basics.
Professor Savings signing off.