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Reuters: China’s largest e-commerce firm, Alibaba Group, expects to sell merchandise this year worth more than that sold by Amazon Inc and eBay combined, Alibaba’s Chief Strategy Officer said on Saturday.
The company is aiming for three trillion yuan in annual transaction value from its Taobao e-commerce units in the next five to seven years, Zeng Ming told reporters.
Alibaba’s founder, Jack Ma, said last year that Taobao’s transaction value for 2012 would reach one 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, America’s top online retailer and auction site.
“The gap is just going to get bigger and bigger when we grow faster,” he said.
In May, Alibaba ended more than two years of often fractious negotiations with Yahoo Inc to buy back much of a stake held by the US web giant and, crucially, reduce the voting power of foreign stakeholders including Yahoo and Japan’s Softbank Corp.
As part of the deal with Yahoo, there are incentives for Alibaba to list its shares by December 2015. The company has said there is no timetable for a listing. This year, Alibaba took its Alibaba.com unit private.
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Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.