Companies: E-Commerce Companies and u.s

companies: While turnover of domestic e-commerce companies ballooned from 52 million yuan 7.6 million U.S. dollars in 2009 to 91.2 billion yuan in 2015, traditional bricks and mortar retailers are losing ground, according to Xinhua China. British retailing giant Marks & Spencer announced on Wednesday that it will shut its 10 stores on the Chinese mainland and lay off more than 400 workers, the latest in a growing list of major western retailers such as Best Buy and Tesco to pull out of a difficult market. The Singles Day online shopping bonanza, which happens in China on November 11 every year, showcases the rise of online retailing platforms such as Vipshop, JD and Alibaba. Though e-commerce has seen explosive growth over the past eight years, widespread fraud now haunts online retailers that fail to take appropriate measures. Even for sales-record holder Alibaba, Singles Day is a double-edged sword. Just before Singles Day, the State Administration for Industry and Commerce held talks with the country 15 leading e-commerce companies, telling them that price fraud, false advertising, unfair competition, sales of fake and shoddy goods, as well as scalping were strictly prohibited. (news.financializer.com). As reported in the news.