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Monday, 16th May 2011, 15:02:58
Wal-Mart strengthens ecommerce presence with purchase Yihaodian
US retailer Wal-Mart has once again shown the growing trend of online shopping in China after purchasing a stake in ecommerce firm Yihaodian.
The move will see the shopping giant have access to a platform that sells around 75,000 items such as groceries and consumer electronics.
Wal-Mart chiefs hope this will spur further internet sales in China, one of the world's growing markets, as it looks to expand globally, Reuters reports.
Eduardo Castro-Wright, chief executive officer of Wal-Mart's global ecommerce and global sourcing, explained why his firm has made the move.
"Online sales in China are growing rapidly and are projected to match US online sales in the next few years," he said.
"By investing in Yihaodian, we're continuing to establish a presence in this important e-commerce market."
Figures published by comScore last week (May 11th) revealed that US ecommerce spending increased by 12 per cent in the first quarter of this year, compared to the same time in 2010.
Posted by Judy Gifford
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Categories: | Ecommerce |
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