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Alibaba's high ambition
Source: Agencies |
September 10, 2012, Monday
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Print Edition
Print Edition
ALIBABA Group, China's largest e-commerce firm, expects to sell merchandise this year worth more than that sold by Amazon Inc and eBay combined, Alibaba's chief strategy officer has said.
The company is aiming for 3 trillion yuan (US$473 billion) in annual transaction value from its Taobao e-commerce units in the next five to seven years, Zeng Ming said over the weekend.
Alibaba's founder, Jack Ma, said last year that Taobao's transaction value for 2012 would reach 1 trillion yuan. The company has not said what percentage of online sales come from Taobao, but it is the crown jewel of the Alibaba Group and its profit engine.
"From their annual reports we did a rough calculation and we were similar last year but we are growing faster than them this year, so this year we are probably larger than them," Zeng said of Amazon and eBay.
The company is aiming for 3 trillion yuan (US$473 billion) in annual transaction value from its Taobao e-commerce units in the next five to seven years, Zeng Ming said over the weekend.
Alibaba's founder, Jack Ma, said last year that Taobao's transaction value for 2012 would reach 1 trillion yuan. The company has not said what percentage of online sales come from Taobao, but it is the crown jewel of the Alibaba Group and its profit engine.
"From their annual reports we did a rough calculation and we were similar last year but we are growing faster than them this year, so this year we are probably larger than them," Zeng said of Amazon and eBay.
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