Alibaba Group Holding Ltd’s (阿里巴巴) Taobao Mall (淘寶) online shopping unit said the value of goods and services sold on its Web site may double to 200 billion yuan (US$31 billion) next year as it offers a wider range of products.
Taobao Mall will add online storefronts maintained by partners, including Vancl.com and M18.com, it said in a statement yesterday. The expansion is part of Taobao Mall’s strategic move to open its platform to other retailers, it said.
Taobao Mall, which already hosts storefronts from more than 50,000 vendors, including Lenovo Group Holding Ltd and Fast Retailing Co’s Uniqlo, expects to generate transactions with 100 billion yuan of gross merchandise value this year, it said in the statement.
In June, Alibaba split Taobao Mall, which offers products by bigger merchants and consumer brands, to allow the so-called business-to-consumer, or B2C, unit to operate independently from Taobao.com, a consumer-to-consumer unit. ETao, also part of the Taobao family of businesses, began operating last year to offer search-engine services oriented at online shoppers.
Taobao Mall does not stock its own inventory and only offers a platform for retailers to sell their goods, Taobao president Daniel Zhang (張勇) said at a briefing yesterday.
Transactions conducted on all Taobao businesses are expected to reach 1 trillion yuan next year, Alibaba chief executive officer Jack Ma (馬雲) said on Sept. 10.
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