Although 360buy.com extended its business to other fields, such as general merchandise, books and clothes, electrical products remain the biggest proportion of total sales, contributing more than 90 percent of revenue last year.
Liu raised the earnings forecast of 360buy.com to up to 30 billion yuan this year, from a previous expectation of up to 26 billion yuan.
The growth rate of Chinese e-commerce traders has put great pressure on traditional bricks-and-mortar operations. Suning Appliance Co, a Chinese leading electrical appliance retailer, fought back by launching its own online outlet in January 2010, while Gome set up its online store in April this year.
Suning aims to grab more than 20 percent of the market share for China's household appliances by 2013 and become the biggest B2C website in the sector in China, Sun Weimin, deputy chairman of Suning, said last year.
Sun said this April that Suning.com is aiming for more than 5 billion yuan in revenue in 2011, up from 1 billion yuan last year, according to a report from hexun.com.
Wang Junzhou, Gome's president, expressed a similar ambition to Suning's Sun by saying his company hopes to become China's biggest online household appliance vendor. Wang pointed out Gome holds obvious advantages over competitors such as 360buy.com.
"Gome took 100 billion yuan in revenue last year. Compared with a company that earns 10 billion yuan a year, Gome definitely has strong bargaining powers and can bring more benefits to customers," Wang said at a Shanghai news briefing on May 24.
Wang Rulin, an official with the China Electronic Commerce Association, said since the major business for 360buy.com is with domestic electrical products, competition with Suning and Gome is unavoidable.
However, Liu at 360buy.com is confident about winning the upcoming battle. "360buy.com started with an investment of a mere 12,000 yuan and underwent 13 years of bloody competition. We do not fear fighting for another 13 years," Liu told China Daily.
Liu raised the earnings forecast of 360buy.com to up to 30 billion yuan this year, from a previous expectation of up to 26 billion yuan.
The growth rate of Chinese e-commerce traders has put great pressure on traditional bricks-and-mortar operations. Suning Appliance Co, a Chinese leading electrical appliance retailer, fought back by launching its own online outlet in January 2010, while Gome set up its online store in April this year.
Suning aims to grab more than 20 percent of the market share for China's household appliances by 2013 and become the biggest B2C website in the sector in China, Sun Weimin, deputy chairman of Suning, said last year.
Sun said this April that Suning.com is aiming for more than 5 billion yuan in revenue in 2011, up from 1 billion yuan last year, according to a report from hexun.com.
Wang Junzhou, Gome's president, expressed a similar ambition to Suning's Sun by saying his company hopes to become China's biggest online household appliance vendor. Wang pointed out Gome holds obvious advantages over competitors such as 360buy.com.
"Gome took 100 billion yuan in revenue last year. Compared with a company that earns 10 billion yuan a year, Gome definitely has strong bargaining powers and can bring more benefits to customers," Wang said at a Shanghai news briefing on May 24.
Wang Rulin, an official with the China Electronic Commerce Association, said since the major business for 360buy.com is with domestic electrical products, competition with Suning and Gome is unavoidable.
However, Liu at 360buy.com is confident about winning the upcoming battle. "360buy.com started with an investment of a mere 12,000 yuan and underwent 13 years of bloody competition. We do not fear fighting for another 13 years," Liu told China Daily.
