Alibaba's Jack Ma and U.S. Businesses (Photo : Getty Images)
Many U.S. businesses will have the chance to break into China's fast-growing market and sell their products to consumers in the world's second largest economy, as Alibaba is set to host the Gateway 17 Summit in Detroit on June 20 and 21, according to Forbes.
The report said that the event would be beneficial to American businesses with no experience in the Chinese market and those that needed technical support in e-commerce. Through a partnership with Alibaba, the companies can reduce costs and risks.
The summit is also expected to allow U.S. businesses and entrepreneurs to growth and market to millions of Chinese consumers.
The Detroit Summit is seen to be beneficial to U.S. businesses in four ways.
First, it is a venue for companies to share information with its target clients, to advise them through informal conversation.
Second, it is always an opportunity for American businesses to be familiar with China e-commerce.
Third, it is a chance for Alibaba to develop its mechanism for small- and medium-sized companies.
It is an important indication that despite political issues between leaders of the two countries, the sector is relatively unaffected, which signals a win-win situation for all consumers.
Alibaba founder Jack Ma and some leading entrepreneurs are expected to speak at the event.
The event also features sessions for small groups--especially farmers and SMEs as well as popular brands and retailers--to help them learn how to sell directly to China online. Through matchmaking sessions, businesses will also be taught to use Alibaba marketplace to enable them to choose the suitable platform for them.
The growth potential for businesses in China is driven by its rapidly rising middle class, which accounts for about 300 million consumers.
According to the report, Chinese consumers are keen on spending for high-quality global products and they prefer U.S. brands. Last year, China overtook the U.S. to become the world's largest retail market as Chinese consumers spent nearly $5 trillion.
Next year, online spending in China is expected to be greater than the rest of the world, with more than 50 percent in e-commerce activity to occur in the country.
