Alibaba Group Holding Limited (NYSE:BABA) shares are trading slightly lower on Wednesday.
Today, the company introduced its Logistics Marketplace.
The development will provide U.S. small and medium-sized enterprises (SMEs) access to affordable and customizable logistics services to streamline their supply chains and gain global reach with greater ease.
The company will also facilitate connections between buyers and pre-vetted logistics providers, offering tailored solutions for individual supply chain needs.
"With the launch of the Alibaba.com Logistics Marketplace for U.S. buyers, we've transformed a previously lengthy, complicated process, streamlining access to a marketplace of pre-vetted logistics service providers," said Yikun Shao, Head of Supply Chain for Alibaba.com's North America business.
It aims to revolutionize SMEs' supply chain management, reducing traditional logistics challenges in the global marketplace.
Buyers using Alibaba. com'sistics Marketplace can compare real-time quotes from a wide variety of trusted logistics service providers.
The platform also features a "Most Popular Services" section, which showcases key logistics options most utilized by SMEs.
The ratings system in Alibaba. com'sistics Marketplace aids SMEs in selecting providers based on key performance indicators such as response time and on-time delivery rate.
"This will allow buyers to nail down the right logistics solution for each order faster and get back to focusing on other business goals," Shao added.
Supporting online logistics orders to 46 markets, it enables B2B buyers to locate qualified freight forwarders offering customized logistics services with ease.
Alibaba's stock plunged 28% in the last 12 months. Investors can gain exposure to the stock via SPDR NYSE Technology ETF (NYSE:XNTK) and Invesco Nasdaq Internet ETF (PNQI).
Price Action: BABA shares are trading lower by 1.07% to $68.86 on the last check Wednesday.
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