China is poised to overtake the United States to become the world's largest e-commerce market this year, according to estimates from consultancy Bain & Co.
With a 32 percent average annual growth forecast, online shopping in China is set to reach 3.3 trillion yuan ($539 billion) by 2017, Bain said in a report.
The poll was conducted two weeks after Alibaba Group achieved a record single-day sales of 35 billion yuan on Nov 11.
On Thursday, 2.1 million small vendors and mom-and-pop shops that operate on Alibaba's Taobao Marketplace will offer discounts to woo customers and boost sales.
Taobao merchants must ensure that the prices are the lowest they've offered in the past 30 days.
More than 60 million products will be 50 percent off, according to Taobao data, while an additional 1.2 billion yuan in discounts will be distributed in the form of digital coupons.
Dozens of local Chinese courts are also taking advantage of the shopping event, pledging to auction seized goods on Taobao. Since last June, 98 local courts have agreed to display confiscated goods online, with 1,175 items being auctioned via the website.
In the Nov 11 shopping event, Amazon China saw its sales soar 300 percent compared with the 24-hour sales event last year.
About the broadcaster:
Nelly Min is an editor at China Daily with more than 10 years of experience as a newspaper editor and photographer. She has worked at major newspapers in the U.S., including the Los Angeles Times and the Detroit Free Press. She is also fluent in Korean.
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