Alibaba To Boost B2B E-Commerce With New AI Sourcing Engine Launch in September

Author: Anusuya Lahiri | July 31, 2024 01:25pm

Alibaba Group Holding (NYSE:BABA) is amplifying its use of generative artificial intelligence (AI) by introducing an application designed to assist merchants on its international wholesale platforms and various third-party marketplaces.

This new tool aims to enhance the buying and selling of goods online, SCMP reports.

In September, Alibaba's International Digital Commerce Group (AIDC) will launch an "AI-powered conversational sourcing engine" to simplify global business-to-business e-commerce.

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This AI-driven sourcing tool will be accessible through a dedicated mobile app and Alibaba.com's official website. The tool will streamline matching buyers with suitable products and suppliers using voice input.

"Our AI-powered conversational sourcing engine will supercharge the growth of Alibaba International Digital Commerce Group by transforming the way tens of millions of global small and medium-sized enterprises operate within the $20-trillion B2B e-commerce industry," Zhang Kuo, president of Alibaba.com, told SCMP.

Alibaba and its peers harboring AI ambitions also got a boost today as the US government exempted ASML Holding (NASDAQ:ASML) from its latest semiconductor technology embargo on China.

The Biden administration exempted shipments from key allies like Japan, the Netherlands, and South Korea.

Investors can gain exposure to Alibaba through Dimensional Emerging Core Equity Market ETF (NYSE:DFAE) and Goldman Sachs Hedge Industry VIP ETF (NYSE:GVIP).

Price Action: BABA shares traded higher by 1.33% at $79.04 at the last check on Wednesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Alibaba Photo Via Shutterstock

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