B2B Payments

Alibaba Gets Some Competition

Who says that B2B commerce in China is a “red ocean?” Certainly not JQW. This domestic Chinese B2B e-commerce operator took some big steps in an effort to make its site more appealing to English speaking buyers and suppliers.

JQW is already an established B2B e-commerce site, however, it made a major move earlier this week when it announced that it had launched an English language B2B platform. The Chinese company explained in a statement that the new site has been developed to attract international members as well as to promote the group’s fee-paying members in China to a global market.

Earlier this week, StockMarketWire reported that JQW was on a roll for 2014. JQW Chairman Yongde Cai said that the company was confident that both revenues and profit after tax will be ahead of market expectations. Furthermore, Cai explained that JQW joined AIM to enable the Group to further its international ambitions.

In terms of other future plans, Cai said that the company board hopes to “continue to demonstrate the underlying strengths of the business to the AIM market for many years to come.”

The e-commerce company only began trading on AIM in December 2013. As reported by London Stock Exchange, JQW had raised £6.7 million and, upon admission, had a market capitalization of £135 million.

Cai explained at the time that the organization was delighted at being welcomed by the London Stock Exchange, adding that the move “represents a major milestone for the Group.”

“The Board believes it will provide JQW with the profile and the resources to capitalize on the growing B2B e-commerce sector and drive our future growth,” Cai said. “With our plans to upgrade our hardware and servers, develop a mobile platform as well as a trading and financial platform, the funds raised at the IPO will be hugely beneficial in strengthening the brand, our product offering and our presence both domestically and internationally.”

B2B e-commerce is growing at an impressive rate. However, the majority of firms are unsure of how to make the jump. Just last month PYMNTS.com discussed a survey that showed 90 percent of small businesses have a presence online, only 10 percent can leverage it into sales.

Even so, reports also show that  B2B e-commerce has now more than doubled B2C, with $559 billion in 2013 sales.


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