Key Takeaways:
– Alibaba International launches an AI-powered search engine, Accio, for small businesses in Europe and the Americas.
– Accio utilizes generative AI from Alibaba’s Tongyi Qianwen large language model.
– The new tool led to a 40% increase in companies’ purchase intent compared to traditional search engines.
– Accio aids businesses in finding wholesale products along with consumer popularity and profit projections.
– The platform uses data from 50 million businesses and incorporates 1 billion product listings across over 100 markets.
Artificial Intelligence to Propel Small Businesses
On Oct.16, 2024, Alibaba International revealed Accio, its new artificial intelligence (AI)-powered search engine, aimed at small sizes businesses in Europe and the Americas. Launched at the Canton Fair in Guangdong, China, this fresh initiative aims to build on the recent advancements in technology to enhance sourcing processes for businesses.
A Glimpse into Accio
Named after a summoning spell from the popular Harry Potter series, Accio is designed to overcome the limitations of traditional search engines. The web-based tool supports various widely spoken languages like English, French, German, Portuguese, and Spanish.
Deep Diving with Accio’s Functionality
Accio is designed to facilitate businesses in finding wholesale products. By providing suitable text or image prompts, businesses can leverage Accio to obtain detailed analyses about product popularity and potential profit margins. Alongside generic search results, Accio lists a myriad of procurement options for businesses to directly converse with suppliers. The platform’s impressive functionality was demonstrated by assisting a sports entrepreneur in developing a range of pickleball products.
Infrastructure of Accio
Accio is driven by generative AI technology from Alibaba’s own Tongyi Qianwen Large Language Model (LLM). However, Alibaba hasn’t yet confirmed if AI integrated from other companies contributes to the product. LLMs, trained on large volumes of streaming data, can generate human-like responses akin to OpenAI’s ChatGPT.
Harnessing Data: Scope and Impact
Accio utilizes data from 50 million businesses listed on Alibaba International’s platform and integrates with publicly accessible industry information. According to Kuo Zhang, president of Alibaba.com and vice president of Alibaba International, the tool incorporates around 1 billion product listings across more than 100 prevailing markets.
Usage and Growth Expectations
The primary users of this novel tool are set to be small businesses in North America and Europe. Accio’s preliminary tests depicted a significant 40% surge in the purchase intent of businesses compared to conventional search engines.
AI-powered Translation Tool: An Ally
To further bolster its international foothold, Alibaba International launched an updated AI translation tool in October to assist merchants in communicating with customers from diverse linguistic backgrounds. This tool reportedly outperforms translation capabilities of known rivals like Google, DeepL, and ChatGPT.
The Road Ahead
While the international business of Alibaba has been experiencing a rapid growth trajectory, the company’s primary revenue pillars remain its domestic e-commerce platforms, Taobao and Tmall. A Bain & Company survey revealed that AI tools, such as Alibaba’s generative AI-enabled tool, contributed to boosting productivity during the recent Singles Day shopping festival. About 56% of respondents reported a “high positive impact” stemming from AI tool usage.
Alibaba’s commitment to integrating AI across its platforms is clear. By empowering small businesses with artificial intelligence-driven solutions like Accio, Alibaba continues to make strides in architecting a more optimized business landscape in the digital age. With its quarterly results due soon, Alibaba’s unfolding AI journey is awaited eagerly by industry watchers and investors alike.