Jack Ma, CEO of Alibaba, the Chinese e-Commerce giant, created history with the largest IPO ever at $25 billion that made Jack Ma the second richest man in Asia. Ma, at age 50, has overtaken Mukesh Ambani and Hong Kong’s Lee Shau Kee to become China’s richest and Asia’s second richest man with a personal fortune of $26.5 billion. Jack Ma, an English teacher with no knowledge of business and trade founded Alibaba, a publicly traded online group of e Commerce businesses.
What does Alibaba entail?
Jack ma, founded Alibaba that includes business to business or B2B online web portals, a shopping search engine and online retail and payment service, in 1999 along with seventeen of his friends. Since then Alibaba has grown and has taken over the Internet with 231 million customers last year. The amount that the customers spent with merchants on Alibaba’s platform stands at $248 billion, which is more than Amazon.com and eBay combined. Jack Ma aims at making Alibaba bigger than Wal-Mart in the coming years. Alibaba, like a prodigy, has grown ever since its birth and here are a few reasons of its success.
Alipay paved the path to his success
Alibaba developed e Commerce infrastructure, which was overlooked by its Western counterparts. At that time, not many people used credit cards in China; Jack Ma hence developed a system called Alipay, which enabled people with no credit cards to make payments. Alipay was a payment system that allowed online sales win acceptance by allowing wary customers to receive goods before releasing money to sellers. Today, the companyâ€™s main platforms are its original B2B service Alibaba.com, consumer to consumer site Taobao and Tmall for brands to sell to consumers. The company worked with shippers to improve their reliability and held trade shows to persuade entrepreneurs to go online.
Attention to Society and Vision
Jack Ma paid attention to the small businesses and helped them make money. He saw the future and predicted that small businesses would be the future of e-Commerce; he thus focused on small businesses and buyers. He helped the buyers save money and time. Jack Ma believes that if a start up solves a problem, it will definitely be a success.
Determination and Will
Even though Jack Ma had no knowledge about trade and e-Commerce, he could create a giant such as Alibaba due to his sheer will and determination. When Jack started, he was opposed by many people and was told about his biggest competition, eBay. Nevertheless, Jack did not lose hope and continued to strive and last year, Alibaba’s sales crossed eBay by almost double the amount. Jack Ma faced success and failure with Alibaba but he did not lose hope and kept on thriving forward and today he stands at a fortune of $26.5 billion.