Retail in Asia

In Trends

China’s Alibaba to pass Amazon, eBay in transaction value, says top exec

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 CNY3 trillion (USD473.34 billion) 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 CNY1 trillion. 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.