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Tmall Sales Exceeds CNY10bn in 13hrs on Nov. 11
[November 12, 2012]

Tmall Sales Exceeds CNY10bn in 13hrs on Nov. 11

NANJING, Nov 12, 2012 (SinoCast Daily Business Beat via COMTEX) -- Tmall.com, the biggest online B2C platform in the Chinese mainland, said on November 11 that vendors on it had seen sales reach CNY 10 billion, or about USD 1.6 billion, in total by 13:38 p.m. on the day, the Singles Day of 2012.

The sales set a new record and statistics from market research firm comScore show that on the Cyber Monday last year, the US saw online retail sales hit USD 1.25 billion.

China spares no effort to shift its economic growth mode into one driven by consumption and services rather than trade and investment and recession in export urges it to attach more importance to stimulating consumption. As the second-biggest economy in the world, it has 538 million netizen currently, ranking No.1 around the globe. And in line with Boston Consulting Group (BCG), the number of those go shopping through the Internet touches 193 million, compared to 170 million of the US. Thus there will be possibility for the nation to overtake the US to rank No.1 in the world in terms of money spent on online shopping per year in 2015. In accordance with an overall planning it worked out for the period from 2011 to 2015, the domestic ecommerce trading value will rise over three times, reaching CNY 18 trillion, or about USD 2.9 trillion. The central government cracks down bad information and pornography, but attaches rising importance to cultivating the commercial and education markets through the Internet.


Data from Analysys International shows that Tamll.com, the online B2C unit of Chinese ecommerce giant Alibaba Group, seized 45.1 percent share in the domestic online B2C market in the third quarter of this year, followed by top Chinese 3C online retailer 360buy.com, with share of 17.4 percent. BCG said that Taobao.com, the online C2C unit of Alibaba, sold 48,000 commodities per minute on average in 2010, more than the total of the other top five online retailers in the market. And according to data by Enfodesk, Alipay.com, a third-party online payment firm controlled by Jack Ma, chairman of the board of Alibaba, continued ranking No.1 in the domestic third-party online payment market in the second quarter of this year, with share of 47.3 percent, up 1.3 percent from a quarter ago. Tenpay.com, the online payment platform of leading Chinese Internet service provider Tencent Holdings Ltd. (SEHK: 0700) and Online.unionpay.com, the online payment platform of bankcard association giant China UnionPay, took the following two places with a share of 20.5 percent and 11.2 percent, each.

(USD 1 = CNY 6.23) Source: www.sina.com.cn (November 12, 2012)

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