The Chinese ecommerce business is surging, according to a report by ecommerce company Alibaba.
The company’s annual ecommerce survey showed ecommerce sales grew by 4.3% in 2016 to $3.1 billion.
Analysts say the market is poised to grow another 4% to 6% over the next two years.
Alibaba chief executive officer David Zhang said that the Chinese e-commerce market, which has grown from about $1 billion in 2014 to $2.5 billion last year, is on a trajectory to surpass $20 trillion by 2021.
“This is a phenomenal time to be an e-retailer in China,” Zhang said at the China e-Commerce Summit, hosted by the World Economic Forum.
“It is the fastest growing market in the world.”
Alibaba says it has more than 50,000 retail stores in China.
China’s e-Retailers: China’s Top 10 Most-Prolific in 2017By Michael Bamberger / The Associated PressChina’s Alibaba Group Co., the world’s largest e-tailer, is a big player in China’s online shopping, a key driver of China’s economy.
But Alibaba’s growth is not limited to e-shop sales.
It has an array of services for retailers, from buying items online to buying goods from China’s most popular e-tailing service, Taobao.
Album sales are up in China, with Alibaba’s online sales growing 12% last year.
Taobao’s main business, Alibaba.com, has more-than 200 million active users and has tripled in value over the past five years.
It’s a market that Alibaba is hoping to tap into with its e-store.
Its Alibaba e-stores are offering merchandise, apparel and electronics to more than 200 million people.
The Alibaba ecommerce portal is a massive platform for shopping that includes online shopping portals, and Taobaos sites have grown to more $100 billion in sales.
Albania’s largest online retailer, Ebay, has a market value of $11.5 trillion and is the largest ecommerce platform in the European Union.
China is a key player in the e-business, with about a quarter of global e-marketplaces.
Its e-trade platform has seen record growth, and it is now the world leader in online shopping and e-finance.
Its online shopping sites have become more popular with consumers, with a third of the world population now online shopping.
Its Alibaba eCommerce portal is among the top 10 most-profitable in the U.S. with revenue of $1.2 billion last quarter.
Its Taobay ecommerce site is second with $719 million in revenue.
In 2017, Taobs biggest rival, eBay, was worth about $2 billion.
Its EBay ecommerce sites have been one of the most successful in the history of the ecommerce industry.