中国的网络购物如火如荼，但利润何在

The great exception is Alibaba, which handles nearly three-quarters of China’s e-commerce. Because its Taobao (consumer-to-consumer) and Tmall (business-to-consumer) platforms connect buyers and sellers, the firm does not carry the cost of logistics or inventory. It makes none of the products it sells. (American officials have branded it a “notorious” counterfeit market, a charge Alibaba deems unfair.) It makes money chiefly through advertisements, not user fees, a model that works thanks to its dominant position.

阿里巴巴是个大大的例外——它控制了中国电子商务将近75%的市场份额。由于阿里巴巴旗下拥有“客对客”的淘宝网和“商对客”的天猫商城等平台【注7】来 让买卖双方联系起来，该公司无需承担物流或是仓储方面的成本。它销售的产品也并非由自己生产（美国官员将阿里巴巴斥为一块“臭名昭著”的假货市场，而该公 司认为这种指责有失公允）。阿里巴巴主要通过广告来盈利，而不依靠用户缴纳的费用。由于它在市场上占据了主导地位，这种模式行之有效。

Privately held Alibaba does not discuss its finances, but Yahoo! owns a stake (which it is winding down). The American internet firm’s disclosures this month reveal that Alibaba’s revenues nearly doubled year-on-year, to $2.9 billion for the three quarters ending in June. Its profits tripled to $730m over that period.

阿里巴巴是私人控股公司，并不会公开其财务状况。但雅虎公司拥有阿里巴巴的股份（雅虎正在逐步减少其份额）。根据这家美国互联网公司本月披露的数据显示， 阿里巴巴的收入与上年同期相比几乎翻了一番，在截至今年六月的三个季度中达到了29亿美元；同期利润也增长了两倍，达到了7.3亿美元。

Alibaba is bullish. In China e-commerce already accounts for nearly 5% of total retail sales, roughly the same as in America. But its potential is greater, argues the firm. In America, physical retailers are already efficient and everywhere. In China, they are highly fragmented, inefficient and barely visible outside big cities. So etailers could leapfrog them. 

阿里巴巴对前景感到乐观。该公司认为：中国的电子商务已经占了零售销售额总量的近5%，和美国的比例大致相同；但该行业的潜力尚未得到充分挖掘。在美国， 实体零售商无处不在，已经有了不错的效率。而在中国，实体零售产业高度分化、效率较低，而且在大城市之外鲜有涉足。因此，电商可以迎头赶上，抢占市场。

Mr Zeng notes that legions of Chinese have yet to go online. As they do so, Alibaba will be watching, recording and analysing their shopping habits. The firm is devising a “big data” strategy. It hopes to help vendors harness customer information quickly and share insights among themselves. This could allow them to accelerate product-design cycles. 

曾鸣指出，中国目前还有大批民众尚未开始网络购物。随着他们走上这条道路，阿里巴巴将观察、记录并分析其购物习惯。该公司正在设计一种“大数据”战略，希望帮助各销售商高效地利用客户信息并彼此分享商业经验。此举可以让他们缩短产品设计周期。

The firm’s lofty ambition is to help China move towards “mass customisation” and “user-generated innovation”—turning trendy jargon into reality. “The entire supply chain will sit on e-commerce,” insists Mr Zeng. “It will be not just a tool, but the heart of the entire economy.”

阿里巴巴有着宏图壮志：帮助中国走向“大规模定制”和“用户创新”——把这些时髦的行业术语变成现实。曾鸣坚称：“整个供应链将以电子商务为依托。电子商务将不仅仅是一种工具，更是整体经济的核心。”