Alibaba e-com transactions hit $153B

Alibaba e-com transactions hit $153B

Summary: Alibaba's retail sites--Taobao and Tmall--transact 1 trillion RMB (US$153 billion) in sales, as of Nov. 30, which translates to 2 percent of China's GDP in 2011.

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TOPICS: E-Commerce, China
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Transactions on Alibaba Group's consumer shopping sites, Taobao Marketplace and Tmall, reach 1 trillion RMB (US$153 billion) as of Nov. 30, which translates to 2 percent of China's GDP (gross domestic product) in 2011.

The Chinese e-commerce giant made the announcement in a forum post Monday, revealing that online shopping grew faster in tier-3 and tier-4 Chinese cities at over 60 percent, compared to tier-1 and tier-2 cities which grew at 40 percent.

Local news reports, citing data from the World Bank, noted China's GDP last year clocked at US$7.3 trillion. This meant Taobao and Tmall's transactional value accounted for 2 percent of the country's GDP. According to a Reuters report, China's Commerce Minister said China would hit its economic growth target of 7.5 percent for 2012, bringing the country's GDP to about US$7.8 billion.

Alibaba did not break down sales volume contributed by the respective retail sites. However, in mid-November, it said Tmall brought in sales of over US$800 million during the "Singles Day" sale.

The company also said its two retail sites indirectly created 10 million jobs. One such example is found in a Chinese vocational school which taught Web entreprenuership so students could learn to become online business owners on Taobao Marketplace.

In a statement relesaed last month, research firm Euromonitor predicted Alibaba's Tmall will overtake Amazon by 2015 to become the world's largest Internet retailer. In a separate report in May, Boston Consulting Group predicted China will likely become the largest online retail market in the world by 2015.

Topics: E-Commerce, China

Liau Yun Qing

About Liau Yun Qing

The only journalist in the team without a Western name, Yun Qing hails from the mountainy Malaysian state, Sabah. She currently covers the hardware and networking beats, as well as everything else that falls into her lap, at ZDNet Asia. Her RSS feed includes tech news sites and most of the Cheezburger network. She is also a cheapskate masquerading as a group-buying addict.

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