China’s e-commerce market racked up a whopping 1.3 trillion RMB ($190 billion USD) worth of transactions in 2012, according to a report by the China Internet Network Information Center (CNNIC) (linked article is in Chinese), an increase of 66.5 percent over 2011′s total.
While the latest figures from CNNIC are impressive, China’s e-commerce market still has plenty of room to grow and is set to overtake America’s. As this Economist story notes, the Chinese e-commerce market is currently dominated by Alibaba Group, which last year handled 1.1 trillion yuan ($170 billion USD) in sales through two of its portals, Taobao and Tmall, and is on its way to becoming the first online retail company in the world to handle $1 trillion a year in transactions. Taobao is a C2C marketplace with more than 800 million product listings and 500 million registered users, according to Alibaba. B2C platform Tmall counts major international brands like Microsoft, Nike and Unilever among its 50,000 merchants.
Yahoo owns 24% of Alibaba Group.