Jack Ma, Founder and Executive Chairman of Alibaba at the The Economic Club in New York said, “I think the opportunity and the strategy for us is helping small business in America go to China, sell their products to China.”
The charismatic entrepreneur pointed out that there’s a big opportunity for Alibaba in the United States: “Alibaba was founded in China, but it was created for the world.”
Ma asserted that globally, Alibaba could be larger than Walmart this year. Eventually, he hopes to reach $1 trillion in sales.
At the meet, Ma was also asked about the challenges of working with the Chinese government. “Yes”, he said, “U.S. companies have had problems in China, but Chinese companies have had problems working with the U.S. government, too. In the next 10, 20 years, I bet there will be a lot of U.S. Internet companies successful in China — because you cannot stop it.”
He believes that as Alibaba has grown, and especially after it had the largest IPO over, he has been constantly asked when Alibaba would enter the U.S market : “When are you going to compete with Amazon? When are you going to compete with eBay?” To which, Ma replied, “We show great respect for eBay and Amazon…I think the opportunity and the strategy for us is helping small business in America go to China, sell their products to China…“We need more American products.”
Ma added that Alibaba already works with large global companies like Nokia, but he wants to do the same for small and medium-sized businesses in the U.S. “You buy it anywhere, you sell it anywhere,” stated Ma. That means any online shopper anywhere in the world should be able to buy a product through Alibaba and receive it in 72 hours.”
Ma admitted that Alibaba isn’t particularly well-understood in the United States. He said it’s often compared to Amazon, but Alibaba doesn’t buy or sell products itself. Instead, it helps small businesses buy, sell, store and deliver their own products.