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360buy enters online book market
By Ding Yining |
December 14, 2010, Tuesday
|
Online Edition
Online Edition
COMPETITION between China's online book sellers intensified after 360Buy.com started a new round of price war by providing discounts as much as 20 percent than prices by its major rivals today, including Beijing-based Dangdang.com and Amazon.cn, the China division of Amazon.com.
"Users can monitor our book price and report to us if the discount doesn't reach 20 percent," 360Buy president Liu Qiangdong wrote on his microblog today.
"We will expand our logistics center to face more fierce competition and strong rivals pushed us to provide better service for customers," he said yesterday. "Our price cut is not targeted at Dangdang and open and fair competition will ultimately result in better shopping experience for users."
360Buy is well known for extensive product line and relatively low price for its home appliances and electronic consumers.
Now it is eyeing a bigger target after receiving US$150 million of venture capital in the first half this year. President Liu Qiangdong had said the company may launch IPO in overseas market as early as next year after three rounds of fund raising. The company says sales could reach 12 billion yuan (US$1.8 billion) this year.
Dangdang soared 87 percent on its debut on New York Stock Exchange last Wednesday after raising US$272 million.
Following that, it started to offer 30 yuan of cash voucher for every order above 119 yuan.
Dangdang's income in the third quarter stands at US$90 million, according to its filing to the US Securities and Exchange Commission.
"Users can monitor our book price and report to us if the discount doesn't reach 20 percent," 360Buy president Liu Qiangdong wrote on his microblog today.
"We will expand our logistics center to face more fierce competition and strong rivals pushed us to provide better service for customers," he said yesterday. "Our price cut is not targeted at Dangdang and open and fair competition will ultimately result in better shopping experience for users."
360Buy is well known for extensive product line and relatively low price for its home appliances and electronic consumers.
Now it is eyeing a bigger target after receiving US$150 million of venture capital in the first half this year. President Liu Qiangdong had said the company may launch IPO in overseas market as early as next year after three rounds of fund raising. The company says sales could reach 12 billion yuan (US$1.8 billion) this year.
Dangdang soared 87 percent on its debut on New York Stock Exchange last Wednesday after raising US$272 million.
Following that, it started to offer 30 yuan of cash voucher for every order above 119 yuan.
Dangdang's income in the third quarter stands at US$90 million, according to its filing to the US Securities and Exchange Commission.
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