At Extreme Investor Network, we understand the importance of staying ahead of the curve in the world of finance. That’s why we are excited to bring you the latest developments from Chinese e-commerce giant Alibaba and its fast-growing international business.
Alibaba’s international arm recently launched an updated version of its artificial intelligence-powered translation tool, Marco MT. This tool is said to surpass offerings from competitors such as Google, DeepL, and ChatGPT, according to an assessment by translation benchmark framework Flores.
The new version of the AI translation product, based on large language models, allows merchants to create product pages in the language of their target market. This update builds upon the success of the previous version, which already boasts 500,000 merchant users.
Kaifu Zhang, vice president of Alibaba International Digital Commerce Group, emphasized the importance of this AI tool in helping merchants succeed, ultimately benefiting the platform as a whole. The tool supports 15 languages and is expected to see substantial demand from Europe, the Americas, and emerging markets.
In addition to the translation tool, Alibaba’s international business includes platforms like AliExpress and Lazada, with sales growth of 32% to $4.03 billion in the quarter ended June. This growth contrasts with a 1% drop in sales for Alibaba’s main Taobao and Tmall e-commerce business, signaling a shift towards international expansion.
As experts in finance and investing, we recognize the potential for growth in emerging markets and the rising demand for e-commerce solutions. Stay tuned for more insights and updates from Extreme Investor Network as we continue to monitor developments in the financial world.