UK SMEs increasingly turning to online B2B marketplaces to overcome procurement challenges in the face of macroeconomic pressures and supply chain disruption
LONDON, March 21, 2024 /PRNewswire/ -- Alibaba.com, a leading platform for global business-to-business (B2B) e-commerce, has recorded a positive rise in the number of active B2B buyers from the UK at this year's March Expo 2024.
March Expo is Alibaba.com's flagship online trade show, which aims to connect buyers and sellers from around the world, helping them to discover new products, services and possibilities to grow their business.
In the UK, the most popular category by active buyers was the Skincare & Tools - specifically face care - category. With the UK's beauty and personal care market forecast to grow in the years ahead[1], this trend reflects a shift from SMEs looking to capitalise on rising consumer demand. Elsewhere, by Gross Merchandise Value (GMV), the most popular product categories and products were socks and hosiery, nail supplies and Jewellery, Eyewear and Watches & Accessories.
Strong demand from UK SMEs reflects a broader shift towards digital sourcing channels. According to Alibaba.com's B2B Sentiment Survey, surveying 500 UK SME decision makers, 51% of SMEs now source via online B2B marketplaces. With a virtually limitless product catalogue, Alibaba.com offers UK buyers unique opportunities to source new products from suppliers around the globe.
With March Expo set to run until 31 March, there's still time for buyers to find discounted deals. In addition, 'Alibaba Guaranteed' will continue to give UK SMEs access to fixed per-unit prices, lower minimum order quantity, on-time delivery, and hassle-free refunds. This offering cuts out the need to negotiate with suppliers and monitor the status of a shipment or financial compensation for an order.
Jijay Shen, General Manager, Europe, Alibaba.com said: "At March Expo, we have seen SMEs focus on building resilience and growth via digital sourcing, which is reflected increased number of buyers from the UK. Online B2B marketplaces like Alibaba.com make cross-border sourcing easier than ever before, enabling SMEs to explore opportunities to find new products, mitigate the risk of their supply chain, and drive margin at the click of a button.
Looking ahead to the rest of the year, which is packed full of exciting calendar moments, online B2B marketplaces will be a powerful tool in helping SMEs digitise and capitalise on growth opportunities."
About Alibaba.com
Launched in 1999, Alibaba.com is a leading platform for global business-to-business (B2B) e-commerce that serves buyers and suppliers from over 200 countries and regions around the world. It is engaged in services covering various aspects of commerce, including providing businesses with tools that help them reach a global audience for their products and helping buyers discover products, find suppliers and place orders online fast and efficiently. Alibaba.com is part of Alibaba International Digital Commerce Group.
[1] https://store.mintel.com/report/uk-beauty-and-personal-care-retailing-market-report |
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