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02:20
China: Chinese foreign trade firms explore new markets with e-commerce, AI
Storyline: Chinese foreign trade firms explore new markets with e-commerce, AI [Voice_over] Amidst the fragile and uncertain international trade landscape, Chinese foreign trade companies are exploring new e-commerce markets beyond the U.S. and are using artificial intelligence to reach them. Luyi County, of central China's Henan Province, is known as the country's makeup brush manufacturing capital, home to over 300 companies that make some 150 million sets of makeup brushes annually. In previous seasons, many of the companies relied heavily on the U.S. market, which accounted for more than half of brush manufacturers business revenues. But now, as companies explore new markets, cross-border e-commerce has become a key avenue for companies and their expansion plans. [Sound_bite] Huang Chunjie, chairman, makeup tools company: "In addition to the United States, more than 100 other countries also need our products. Our team has been formed, and we are now promoting our products in these countries, including markets in the Middle East, Southeast Asia, Europe, and Russia." [Voice_over] But entering a new market can be challenging. Alibaba.com, one of the country's major online shopping platforms, recently conducted surveys with cross-border merchants to find out their pain points in cross border sales. Results showed that language barriers and compliance issues in new markets were their biggest concerns. To address these issues, the platform has introduced four AI assistants, available for merchants to use free of charge. [Sound_bite] Lin Hao, person in charge, merchant products at Alibaba.com: "If a French buyer contacts a seller, the seller can respond in Chinese, and the AI will automatically generate the reply in French. If you find the language too stiff, you can ask the AI to refine it. Our AI can also identify a buyers' needs and tailors the response based on their characteristics and information. For example, if a buyer asks questions such as What are the logistics details?' or 'Which port in France should I send it to?', the AI can automatically calculate and provide the logistics costs for those ports." [Voice_over] With the help of AI, it has become easier for small and medium-sized enterprises to go global. According to data from the Alibaba.com website, business opportunities in Europe have gone up by 86 percent compared to last year with places like France seeing a 150 percent increase growth in opportunities. [Restrictions : No access Chinese mainland]
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