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Young consumers boost online shopping spree

(People's Daily Online)

16:55, December 12, 2012

Edited and translated by Liang Jun, Huang Beibei and Ma Xi, People's Daily Online

1 trillion yuan transaction volume

Cui Wanzhi, a 36-year-old man, owns four stores on Taobao and one store on Tmall, two websites operated by the Alibaba Group. On this years’ Singles Day, November 11, Cui’s five online shops realized some 35,000 transactions worth millions of yuan.

But his way to starting a business was not going smoothly.

After graduation from university in 1999, Cui failed to find a job because of physical disability and had struggled for eight years by setting up a stand on the street and running an Internet cafe till he opened an online shop on Taobao in 2007.

Cui is an example of inspiring online shop owners. He comes from Hefei, China’s second-tier city, without any experiences and even sound body, but from 2007 to now, he has opened five online shops one after another and created his own dress factory.

Established by Jack Ma, Alibaba Group owns Tmall and Taobao, China’s largest business-to-consumer (B2C) and consumer-to-consumer (C2C) online marketplace respectively by transaction value.

By the end of November 2012, the total transaction volume of Taobao and Tmall had topped 1 trillion yuan, ranking after east China's Guangdong, Shandong, Jiangsu and Zhejiang province in terms of social consumption goods retail volume as compared to the number of 2011, announced Alibaba Group, headquartered in Hangzhou of east China's Zhejiang province.

Young people, aged between 25 and 30, contribute to 59 percent of the transaction revenue of Tmall and Taobao.

Ma said, “One trillion yuan is just a beginning, we are embracing for a 10 trillion era. Future of e-commerce belongs to China.”

Ma hopes ordinary people and even just graduated students can realize their dreams of starting a business through Alibaba’s e-commerce platforms.

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