SHANGHAI, Dec 3 (Reuters) - Alibaba Group said on Monday the value of transactions on its two e-commerce platforms exceeded 1 trillion yuan ($160.6 billion) for the first time in January-November this year, reflecting the boom in the sector.
Taobao Marketplace and Taobao Mall are China’s largest e-commerce platforms by transaction volume, where everything from imported almonds to precious jade can be bought from the millions of virtual storefronts run by small businesses.
Alibaba said total trade value on the two platforms exceeded 1 trillion yuan on Friday. That was up 58 percent from a year ago and equivalent to 2 percent of China’s gross domestic product last year.
The statistics reflect the phenomenal growth of e-commerce in China, where nearly 16 percent of the 1.34 billion population shops online. Of the online shoppers, 52 percent of them are under the age of 30, an Alibaba document showed.
“This is a symbolic milestone in that it shows e-commerce has become an intrinsic part of how Chinese consumers shop for goods and services... We are seeing high-speed growth in the third- and fourth-tier cities, even outpacing consumer spending growth in first- and second-tier cities,” said Alibaba spokeswoman Florence Shih.
Yahoo Inc owns about 20 percent of Alibaba Group.