(Yicai Global) Sept. 21 -- Anhui Three Squirrels Electronic Commerce Co., China's largest food e-commerce company by sales size, has sold more than CNY10 billion (USD1.538 billion) worth of packaged nuts-products on Tmall.com, the online business-to-consumer marketplace belonging to Chinese internet giant Alibaba Group Holding Ltd. [NYSE:BABA], the company said in a press briefing on Sept. 20.
The firm has thus become the only fast-moving consumer goods brand to gross over CNY10 billion in sales on the site and its best-selling nut brand, Global E-Businessmen reported.
The average price of the company's products is less than CNY20, meaning it has likely sold around 600 million packs of nuts, a significant volume considering China's total internet users number approximately 600 million.
Three Squirrels, incorporated in Central China's Anhui province in 2012, joined Tmall the same year. The enterprise specializes in nuts, dried fruit, tea and snack product development, packaging and sales. It generates more than 70 percent of its total online sales from Tmall.com and has over 200 upstream suppliers.
Initially established as an online food brand, Three Squirrels has branched out into the offline market in recent years. It opened its first brick-and-mortar shop in early 2016, offering internet access and other service facilities for shoppers, which are unavailable in its e-stores. It has 12 offline stores across China and plans to expand to 30 by year-end and over 100 next year.