Hangzhou, 16th June: Taobao, a subsidiary of the Alibaba Group, has stated that it expects transaction value on the site to reach US$14.4 billion in 2008. That is an impressive 130% year-on-year increase. The website’s customer base reached 62 million registered users, up from 53 million in 2007.  According to a report in Xinhua, Alibaba vice president, Liang Chunxiao, remarked, “Taobao’s transaction volume has grown for four years and reached 43.3 billion yuan (US$6.3 billion) in 2007, an outcome that took supermarket retailers like Wal-Mart almost three decades.”   Source: Xinhua

BIIA Newsletter July / August 2008 Issue