Three Important Lessons from Alibaba for Entrepreneurs

Bamz Ola
Read Time:1 Minute, 30 Second

Many entrepreneurs prefer to share experiences in building a business such as teaching staff or teachers. They established a university so that people can study well. One of the richest people in the world Jack Ma is also taking the same method.

Being a technology giant, Alibaba Group founded Taobao University in Hangzhou, China, which offers one of the departments about building a digital business. Incidentally, Jack Ma used to be a teacher.

The founder of Soul Rich Woman, Genecia Alluora has also gained knowledge on campus. He revealed that there are three things that are important to be taught at Taobao universities in building digital businesses.

First is if you build an online store, then wake up according to the demands of the times. This means that online stores are different from traditional stores. When the e-commerce market grows, brands are important to many people. For this reason, brand identification is very important for consumers.

Alluora highlights the tendency of consumers to search product reviews more often on social media before deciding to buy. Customers certainly want to get to know the brand and see you have credibility.

Next thing to think about is marketing. After creating a brand, promoting is the right way to introduce your product to the public. To get good results, you must focus on generating traffic. The best way is with digital strategies such as prioritizing keywords in your product description. According to him selling lifestyle is far better than just a product. So it must be emotionally connected.

Data analysis is very important and the last tips for entrepreneurs. To maintain momentum and attract back buyers, know your customers. That means having access to customer data. Given Alibaba’s dominance in China – the online payment system, Alipay, which controls more than half of digital payments.

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