The size of China's business-to-customer (B2C) e-commerce market reached 162.4 billion yuan ($26.66 billion) in the third quarter, up 50 percent year on year, Internet market research company Analysys International said in a report on October 29.

The B2C market, gradually narrowing the gap with its customer-to-customer (C2C) equivalent, has covered 39 percent of the country's whole online retail market, said the report.

After several rounds of fierce price wars in the second quarter, China's e-commerce giants were active in expanding new businesses by developing online financing enterprises and introducing multiple operations.

The report predicted that China's B2C market would grow robustly in the fourth quarter, when major e-commerce enterprises will put much effort into the online-to-offline market.