4 lessons all companies can learn from Alibaba’s massive growth
Everyone talks about Amazon as the biggest player in the game, and while they do dominate, it doesn’t mean that everyone should bow down and step aside
Alibaba has experienced massive growth. The previous year’s accomplishments are a reminder that they are one of the fastest growing companies, with no sign of slowing down. In 2017 alone, they experienced revenue growth of more than 60 percent.
They have almost a half-billion users and they are quickly becoming an international selling platform, allowing companies to tap into new markets in different parts of the world. While they are a large-scale international brand, there are still plenty of lessons that every business can learn from their success.
1. Amazon has competition
Everyone talks about Amazon as the biggest player in the game, and while they do dominate, it doesn’t mean that everyone should bow down and step aside. Alibaba sure isn’t, as they top Amazon in some categories.
“There are always going to be competitors and companies that are bigger or have more resources, but that should never be a reason not to push hard to be the best. You can compete with the largest companies — it’s possible, you just have to be willing to put in the work,” suggests Tony Fountain, CEO of NOW Entertainment.
Understand also that not all consumers are going to automatically do business with the largest company. Focus on delivering top quality customer service and find a unique way to stand out and you can collect a piece of the pie. There are always ways to establish an advantage in any industry. Identify that and leverage it as your unique selling point.
2. User experience is everything
Alibaba has experienced massive growth because they created a hub that provides a pleasant user experience. It doesn’t matter how amazing your offer is; if you don’t provide a great user experience your potential customer base will find another option.
Also read: Meet the 18 original founders of Alibaba
“Every website should make user experience the top priority. Whether you are an e-commerce store that is trying to convert purchases or a business like ours, where our website exists to generate calls and patient visits, you will never achieve your goals with a poor user experience,” says Dr. Brett Moore, DDS, Smile Design Dentistry.
Test several different elements of your conversion path, making sure it provides the easiest and seamless flow. It also doesn’t hurt to poll your customers to see what they like and what they feel needs improvement.
3. There is unlimited potential online
Did you know that Alibaba started less than 20 years ago and they are the fifth largest company in the world in terms of revenue? That is an amazing stat, and it goes to show you that the internet has given companies the opportunity to scale at insane rates.
“There are companies all over the world that have been in business for a hundred years that will never reach the levels of an Alibaba, simply because the internet acts as a springboard for amazing companies and ideas,” explains Jeff Djevdet of Speed Property Buyers.
If you have an idea, you can start it online with very little to no money. The barrier of entry is very low, allowing anyone with the drive and determination to succeed online.
4. Create a powerful all-in-one platform to dominate
Alibaba is a platform that allows both selling and buying, from every corner of the world. It works for suppliers, manufacturers, retailers, and re-sellers. It’s a universal platform that is simple, yet extremely sophisticated at the same time.
“What Alibaba has done is create a platform that does everything, which eliminates the need to use multiple solutions to accomplish business goals. There are no holes in their ship where revenue could be leaking,” said Jonathan Rolande of House Buy Fast.
You can’t take any shortcuts or not go all-in if you truly want to grow your business. No matter what your business is focused on, spend time to make your solution the easiest to use and most comprehensive option available.
—-
e27 publishes relevant guest contributions from the community. Share your honest opinions and expert knowledge by submitting your content here.
The post 4 lessons all companies can learn from Alibaba’s massive growth appeared first on e27.
