Alibaba Group, announced the sales volume through its various marketplace platforms, including Taobao and Tmall, surpassed RMB 1 trillion (US$157 billion) from January to November this year. This figure surpasses the combined transaction value of other e-commerce leaders, Amazon and eBay.

Earlier this year, Alibaba recorded US$3 billion in sales transactions in a single day from its marketplaces. All payments are handled by Alipay, Alibaba’s payment processor which has more than 700 million registered users.

According to Alibaba, e-commerce in China’s third and fourth-tier cities grew 60% year-on-year in 2012. The company predicts total volume of sales within its marketplaces will be RMB 3 trillion (US$471 billion) in 2017.

Source:   Business Strategies Group Hong Kong  –