Alibaba.com Brings Trust to Online B2B Commerce

12-Sep-2001

libaba.com (www.alibaba.com), the world's largest business-to-business marketplace for global trade, announced today the official launch of TrustPass, an innovative new service to allow small- and medium-sized enterprises (SME's) to build trust online. The number one issue in B2B e-business--Trust Alibaba's TrustPass was designed to help remove the number one obstacle to online B2B commerce-lack of trust. 90% of businesspeople conducting business online cite "Trust" as the most important factor in finding partners online, ahead of "Quality" and "Price," according to an Alibaba survey. This concurs with growing industry recognition that trust has emerged as the most important need for online B2B commerce. Globally trusted Authentication and Verification Service As part of the TrustPass service, Alibaba is working with Asian Company Profiles Ltd, Huaxia Credit and Dun & Bradstreet to provide A&V service. A&V allows an Alibaba member with TrustPass to establish and demonstrate that 1) the member's company is a legal entity and 2) the member is a representative of the company. A&V is particularly valuable in online commerce where businesses operate in an otherwise anonymous environment. Without TrustPass, it is difficult for businesspeople to differentiate between quality partners and others who may be interested in securing proprietary product and company information with no real intention of closing a deal. What is TrustPass? TrustPass is an interactive trust profile for businesspeople to build trust online. TrustPass is designed to help businesspeople win trust, know their partners and display their credibility online. Each TrustPass profile displays third party reference information from trusted credit service companies, customers and other Alibaba members. TrustPass also allows companies to post customer references, certificates and awards to demonstrate their credibility to other members. For a full explanation of TrustPass features and benefits, visit the online TrustPass demo at http://www.alibaba.com/demo/trustpass/welcome.html. A First for B2B e-Commerce: Partner Feedback Forum TrustPass' most innovative feature is the use of an open Feedback Forum, a live online platform in which members with TrustPass can view and post comments on the quality and service levels of other members. In this open system, common in B2C models but a first for B2B models, members are rated on a series of performance variables. To insure credibility and accountability, only TrustPass members may post and view comments and their identity is openly displayed. "TrustPass is the businessperson's passport to trust online," said Jack Ma, CEO of Alibaba.com. "We asked our members what they wanted most in creating opportunities online and the answer was 'trust.' With TrustPass, we're pleased to announce a new era of trust in online B2B commerce for SME's." "TrustPass will provide companies which are exporting and/or importing throughout Asia the ability to instantly remove the barrier of dealing with unknown entities," said David Hill, Director of Strategic Alliances at Asian Company Profiles. "Authentication & Verification ("A&V") of corporate entities remains critical to all successful international transactions and hence access to electronic information tools enabling companies to accurately identify potential trading partners is paramount to B2B dealings. The decision by Alibaba.com to provide it's members with the Asian Company Profiles' A&V product is a strategic and important move towards the development and growth of the B2B industry in Asia."

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