Thursday, April 7, 2016

Alibaba Overtakes Walmart As Largest Retailer By Gross Volume

Image result for alibabaIn a filing with the Securities and Exchange Commission Tuesday, e-commerce giant Alibaba Group announced that it had “become the largest retail economy in the world” at the end of its fiscal year on March 31, “as measured by gross merchandise volume on its China retail marketplaces.” The company has yet to declare its financial results for its last quarter and the complete fiscal year, but the announcement makes it clear that it surpassed the $482.1 billion revenue reported by Wal-Mart Stores Inc. for its fiscal year ended Jan. 31.

According to another statement from Alibaba, its online trading volume had reached about 10 percent of the total retail volume in China and directly generated 15 million jobs as well.. . . more

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