engine - 4:17 pm on Sep 10, 2012 (gmt 0)
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 3 trillion yuan ($473 billion) in annual transaction value from its Taobao e-commerce units in the next 5 to 7 years, Zeng Ming told reporters.
Alibaba's founder, Jack Ma, said last year that Taobao's transaction value for 2012 would reach 1 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.Alibaba To Surpass Amazon and eBay In Transaction Value [reuters.com]