TAOBAO Mall's transaction volume in 2011 more than tripled from that of 2010 and it expects sales at 200 billion yuan this year, a senior company official said yesterday.

Taobao Mall, which attracts an average of 10 million visitors daily, set a target of a record 100 billion yuan of transactions in 2011 and Zhang Yong, the mall's president, disclosed the actual number is "much more than that".

Hosting about 50,000 retailers and more than 70,000 brands the website projected sales to bloom to 200 billion yuan in 2012.

In November 38 domestic independent online retailers opened shops on the website.

Also yesterday, Taobao Mall officially unveiled its Chinese name as "Tian Mao".

Taobao said it hopes the new name will help consumers to separate Taobao Mall from other online shopping sites as well as Taobao Marketplace.