For over two centuries now, the evolution of the internet has become a milestone and a boost to trade among local and international partners in what is commonly called e commerce. E or electronic commerce involves the buying and selling of goods and service via the internet. Reports have proven that the United Kingdom presents the largest online marketplace in the world, with a total value of £133 billion. A report published in April 2018 showed that ecommerce is growing at 23% year-over-year. Global commerce sales are expected to reach $27 trillion in 2020, reports say. Some global ecommerce markets include Fruugo, ebay, onbuy, Cediane, Jumia, Amazon and Alibaba group. However, our area of focus is Amazon and Alibaba group.
Amazon.com Inc., with its trading name Amazon is one of the world’s most renowned e markets or online platform and represents the largest Market in the United Kingdom. The Washington based American electronic commerce is owned by an American business magnate Jeff Bezos. The internet retailer stands as the largest online market in terms of Value and market capitalization, it however follows Alibaba group as far as total sales are concerned. Amazon was founded in 1994 and began as an online book store but has gained grounds in the online business since its creation. Amazon now boasts of about 304million active users and a commission of just 7-15%. As per 2018 statistics, Amazon employs some six-hundred and thirteen thousand three hundred people (613,300).
Products offered by Amazon
Amazon offers a whole range of products including; Amazon Appstore, Amazon Echo, Amazon Kindle, Amazon Prime and Amazon Video ComiXology.
Founder of Amazon
Jeffrey Preston Bezos commonly known as Jeff Bezos is the founder and Chief executive officer of the high tech giant. The 54 Bezos is also the founder of Blue Origin. As of November 2018, his net worth stood at US$125.8 billion. Just as businessmen strive to excel, Jeff Bezos using the Blue origin platform (his space tourism company), has advocated plans to kick start another commercial activity of selling passenger tickets for trips into space. Though the price for the ticket is yet to be disclosed, Bezos’ dream is to see its New Shepard suborbital vehicle transport the first space tourists to orbit in 2019. His dreams are very diverse.
ALIBABA GROUP HOLDING LIMITED
Like Amazon, Alibaba group is another giant online market, a China based multinational conglomerate focused on e-commerce, retail, Internet, AI and technology. It was founded in 1999 by China’s well-known business mogul Jack Ma. Alibaba offers consumer-to-consumer, business-to-consumer and business-to-business sales services through the internet among other things. In terms of global sales, Alibaba occupies the first place in the world. As of March 2018, the number of employees by the Alibaba group stood at sixty-six thousand, four hundred and twenty-one (66,421).
Products and Services
Represented in about 200 countries in the world, the Alibaba group’s products include: E-commerce, online auction hosting, online money transfers, mobile commerce and mainly provides online shopping as its Service.
Founder of Alibaba Holding Group
Jack Ma Yun is the co-founder and executive chairperson of Alibaba group. The 54 year old Chinese entrepreneur is one of China’s riches man with a net worth of US$38.6 billion. The C.E.O of the Alibaba Group has been extending grounds o other continents especially Africa. In partnership with Rwanda’s president Paul Kagame, Jack Ma in November 2018 opened Africa’s number one Electronic world trade Platform (eWTP) in Kigali. This stands as a great milestone to the continent as the initiative opened doors for small businesses in Africa to take part in cross-border electronic trade.
With our problematic seeking to know who among Jeff Bezos or Jack Ma is promising, it would be very difficult to conclude since the business world is not stagnant. Dynamism is what characterizes business. In another instance, there is much uncertainty in the business world due to aspects like Customer satisfaction, Social influence and other factor. As such, both Jeff Bezos and Jack Ma remain very promising and are excelling well in the online market which is gaining grounds in the global world as time passes. The two business tycoons remain very promising. Many young entrepreneurs in Africa and world at large now see online market as the best and most effective form of doing business in the contemporary world.
AFRIC Editorial Article.