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360Mart 2010 Sales Revenue Reaches RMB 427 Mln

Tencent Tech, 1/27/11

Chinese online home appliance and electronics retailer, operated by Zhejiang-based Renke Gongmao Co., Ltd., recently announced that the site's 2010 sales totaled RMB 427 mln, representing YoY growth of over 500%.

360Mart was established in 2008 and specializes in selling computers, digital communications devices, home appliances, and everyday merchandise. The site has attracted 1.5 mln members, and carries over 30,000 products.

According to Ye Hongxing, chairman of the board of 360Mart, since going online in October 2008, the site has seen consistent and rapid sales growth, breaking RMB 100 mln in sales for the first time in 2009.

"In April, 2010 we had in excess of RMB 15 mln in monthly sales. In May of the same year, it was RMB 20 mln. By August, RMB 30 mln. In October, 2010, monthly sales reached RMB 50 mln," Ye elaborated. Discussing targets for 2011, Ye predicted sales would total between RMB 800 mln and RMB 1.1 bln.

Ye further commented that, "our most critical task is the coordination between our logistics and IT systems. Last year, our average processing speed was 3,000 orders per day, but by the end of the year, we were receiving 5,000 orders on peak days. This kind of challenge will push the next stage in our development. In 2011, we will spare no effort to improve our logistics systems, so we can meet the demand of rapidly increasing volume."

Keywords: 360Mart consumer electronics e-commerce Ye Hongxing users Internet revenue home appliances logistics

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