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China's Alibaba to surpass Amazon, eBay in transaction value

  • China's biggest e-commerce firm, Alibaba, expects to sell merchandise this year worth more than that sold by Amazon and eBay combined.

    The company has set a goal of $473 billion in annual transaction value from its Taobao e-commerce units in the next 5 to 7 years.

    Last year, Alibaba's founder, Jack Ma, said that Taobao's transaction value for 2012 would hit $157 billion.

    The firm has not revealed what percentage of online sales come from Taobao, seen as a major driver of growth and profit for Alibaba.