“Singles Day” is an unofficial Chinese holiday that celebrates single people and is now the busiest online shopping day in the world. Chinese e-commerce giant Alibaba recorded sales of over $25 billion dollars in 2017.
The electronic commerce platform is transforming the way consumers in China buy, and also how companies sell. Jack Ma founded Alibaba to help Chinese producers sell to foreign buyers. Now the e-commerce behemoth is expanding and helping foreign producers access the Chinese market.
Last year, Argentina signed a deal with Alibaba to sell a growing range of products to China. Electronic transfers have been growing 20-percent a year in the past decade. It’s given Latin American countries an opportunity to diversify their production and increase exports.
Correspondent Joel Richards tells us from Buenos Aires why Argentine wine and food could receive a boost from Alibaba.