The Chinese e-commerce business in which Walmart has recently invested, Yihaodian, plans to grow sales to CNY3 billion ($457 million) this year.Yu Gang, Yihaodian’s Chairman and Co-Founder, believes that annual sales need to reach up to CNY7-10 billion ($1.1-1.5 billion) in order to make a profit. Products sold on yihaodian.com are generally 3-5% cheaper than in a bricks and mortar supermarket.
Source: Planet Retail
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