Chinese e-commerce sites could surpass Wal-Mart sale - leatherbiz: Lea Leatherbiz

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Chinese e-commerce sites could surpass Wal-Mart sales in five years

19/10/2012
New figures suggest that online retail transactions in China in the second quarter of 2012 had a total value of $44.5 billion, a 45% increase on the figure for the same quarter in 2011.

A report from reseach company Analysys International says e-commerce group Alibaba has a 75% share of the Chinese online retail market, with two of its shopping sites, Taobao.com and Tmall.com, achieving combined sales of $32 billion for the quarter.

Alibaba’s chief strategy officer, Zeng Ming, told media in China that the two e-commerce sites would achieve annual sales of $480 billion by the end of 2017, surpassing the sales of US retail group Wal-Mart. Wal-Mart’s projected revenues for 2012 are $446.9 billion.

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