Wal-Mart's decision to increase its stake in Chinese e-commerce firm Yihaodian will allow company to capitalize on growing online shopping market in China, where nearly 173 million Chinese shop online
February 24, 2012
– Wal-Mart's recent decision to increase its stake in Chinese e-commerce firm Yihaodian to 51% puts the retail giant in position to capitalize on the booming Chinese online shopping market, Motley Food reported Feb. 23.
Nearly 173 million Chinese shop online. In 2011, Chinese e-commerce is expected to exceed US$118 billion gross merchandise value, with China set to become the world's largest e-commerce market by 2015.
In just four years, Yihaodian has become one of China's fastest-growing companies, selling more than 180,000 products, including groceries and electronics, with either same-day or next-day delivery.
Wal-Mart has been trying to grow its online business. Last year, sales at Wal-Mart's 350 stores in China rose 16.1%, but its store traffic fell 7.1%.
The primary source of this article is Motley Fool, New York, New York, on Feb. 23, 2012.