Think Amazon is the king of e-commerce? Think again. Alibaba, a Chinese e-commerce site, will process more sales this year than Amazon and eBay combined, at least according to an executive at the company.
“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 Ming, Alibaba’s chief strategy officer, told reporters over the weekend, according to Reuters. ”The gap is just going to get bigger and bigger when we grow faster.”
Zeng did not reveal Alibaba’s total sales projections for 2012, but he did note that Alibaba’s goal is for the Taobao Marketplace, the company’s main source of sales growth, to generate nearly half a trillion dollars in annual sales in the next five to seven years. By comparison, Amazon’s net sales for the first six months of 2012 were $26 billion.
Alibaba’s success is a testament both to the growing buying power of China’s Internet community and to the company’s dominance of the e-commerce market in that country. Based on the most recent estimates, there are more than half a billion Internet users in China.
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