Taobao forecasts US$59b in trading
By Ding Yining |
January 16, 2010, Saturday
|
Print Edition
Print Edition
TAOBAO.COM estimates its total transaction value in 2010 will double from that of last year to hit 400 billion yuan (US$59 billion).
Taobao has launched its own B2C site to compete against rivals such as Amazon.cn and 360buy.com because it eyes a share of the market in consumer electronics. Authorized shop owners can become a member of the B2C site's supplier list after paying 10,000 yuan to ensure the products at the online shop are part of a consumer rights guarantee project.
There were 120 million online buyers in China by the end of last year, Beijing-based Analysys International said.
"Online sales channels will boost demand in third- and fourth-tier cities as they are relatively low cost compared with traditional retailers," the Internet consultancy said.
The value of B2C sales in China totaled 6.06 billion yuan in the third quarter of 2009, a jump of 171 percent from a year earlier.
Taobao has launched its own B2C site to compete against rivals such as Amazon.cn and 360buy.com because it eyes a share of the market in consumer electronics. Authorized shop owners can become a member of the B2C site's supplier list after paying 10,000 yuan to ensure the products at the online shop are part of a consumer rights guarantee project.
There were 120 million online buyers in China by the end of last year, Beijing-based Analysys International said.
"Online sales channels will boost demand in third- and fourth-tier cities as they are relatively low cost compared with traditional retailers," the Internet consultancy said.
The value of B2C sales in China totaled 6.06 billion yuan in the third quarter of 2009, a jump of 171 percent from a year earlier.
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