Alibaba online trade value tops 1 trillion yuan

Published: 12-Dec-2012
Finance

The figures for Taobao and Tmall sites reflect exponential growth in online shopping in China


Chinese e-commerce company Alibaba Group has announced that the gross merchandise volumes in two of its online marketplaces, Taobao and Tmall, exceeded 1 trillion yuan (around $161bn) in the first 11 months of 2012.

This was a 58% rise on a year ago and reflects the exponential growth in China’s online retail market where nearly 16% of the 1.34 billion population shops online, according to Reuters, and equivalent to 2% of the country’s gross domestic product.

Alibaba statistics indicate that over half of its online shoppers are under the age of 30.

“This is a symbolic milestone in that it shows e-commerce has become an intrinsic part of how Chinese consumers shop for goods and services,” Alibaba spokeswoman Florence Shih said. “We are seeing high-speed growth in the third- and fourth-tier cities, even outpacing consumer spending growth in first- and second-tier cities.”

Yahoo owns around 20% of Alibaba Group.

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