China C2C platform Taobao's transaction volume reaches $14.62bn in 2008
On January 13 China's largest C2C platform Taobao announced, that it has more than doubled its transaction volume in 2008 and reached $14.62bn (RMB 99.96bn), up 131 percent YOY from $6.33bn in 2007.
Lu Weixing, spokesman for Taobao, told Interfax China that the company predicted its transaction volume would continue to see year-on-year growth of over 100 percent for 2009. Moreover, he believes that the economic downturn will drive more people to shop online as more and more people are looking for cheap online offerings. Lu also stated that Taobao began turning a profit in September 2008.
We recently featured a series on China's e-business on our blog. If you are interested in the story of Taobao and general statistics on the Internet in China we recommend the following 3 blog posts to you: