E-commerce pulls BRICS closer

E-commerce is set to prosper among the BRICS countries and become a major link connecting their residents, according to a report by Alibaba Group Holding Ltd.

By 2022, gross merchandise volume generated via online shopping portals will skyrocket 340 percent from last year to reach $3 trillion in Brazil, Russia, India, China and South Africa, the research arm of the world's largest e-commerce platform, Alibaba, said in a report released on Tuesday.

That figure would represent 59 percent of global e-commerce transaction value in five years, up from 41.8 percent a year ago, according to AliResearch.