Business
        

Technology

Baidu to shut e-commerce platform

Updated: 2011-04-01 09:26

(Agencies)

Twitter Facebook Myspace Yahoo! Linkedin Mixx

SHANGHAI - Baidu Inc, China's largest search engine, will shut its online e-commerce store, Youa, and migrate its users to other platforms, it said on Thursday.

The shutdown will take effect in May and Youa's existing merchants will be migrated to Rakuten China and Yaodian100, Baidu said in a statement.

"This should not be seen as Baidu withdrawing from the e-commerce scene. In fact, we are in research and development on a new e-commerce platform product which will suit users better," a Baidu spokeswoman said, accroding to Reuters.

Related readings:
Baidu to shut e-commerce platform Baidu fails to satisfy writers over copyrights
Baidu to shut e-commerce platform Online copyright fight against Baidu
Baidu to shut e-commerce platform Writers call Baidu 'arrogant, insincere'
Baidu to shut e-commerce platform Baidu copyright negotiations break down

The closure of Youa, which Baidu had set up to rival Alibaba's popular online shopping site, Taobao, cements Taobao's position as the leading e-commerce player in China.

Youa failed to gain traction with the majority of online users who preferred to use Taobao to buy and sell goods online. Based on gross merchandise value, Taobao commands more than 70 percent of China's e-commerce market.

China is the world's largest internet market with more than 450 million users. Web commerce in China has surged in recent years as buyers in the world's second-biggest economy switch to the internet for better deals from more reliable suppliers and reasonable price.

Rakuten China is a joint venture between Baidu and Japan's largest online retailer, Rakuten Inc.

Specials

In the swim

Out of every 10 swimsuits in the world, seven are made in China.

Big spenders

Travelers spend more on shopping than food, hotels, other expenses

Rise in super rich

Rising property prices and a fast-growing economy have been the key drivers.

The beauty of body art
Waiting for drivers' seat
Teeing off to a bright future