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Alibaba Group Holding Ltd becomes the world’s largest retail platform

Hits:  UpdateTime:2016-04-13 14:54:13

Chinese e-commerce giant Alibaba Group Holding Ltd said on Wednesday that

it has officially become the world’s largest retail platform, with its total trading

volume online in the fiscal year ending in March 2016 surpassing Wal-Mart’s

annual sales.

The Hangzhou-headquartered e-commerce giant didnt reveal the total gross

merchandize volume GMV in the fiscal year ending in March. But it announced

on March 21 that its China retail marketplace platforms have already surpassed

the milestone of 3 trillion yuan $475.89 billion in GMV in the latest fiscal year.

Alibaba’s fiscal year started on April 1 and ends on March 31. Wal-Mart Stores

Inc posted revenue of $482.1 billion for its fiscal year ending Jan 31.

Alibaba said in a statement that the record-breaking GMV shows that the world’s

largest retail marketplace has shifted from offline to online. "We used 13 years

to demonstrate the power of a different business model compared with

brick-and-mortar retailers," the statement said.

According to Alibaba, its online trading volume accounted for 10 percent of the

overall retail volume in China and it directly generated 15 million jobs.

Alibaba has already set a goal to achieve an annual trading volume of 6 trillion

yuan by 2020 and help 90 percent of its retailers increase their operational efficiency.

"In 2024, we want to be a business platform serving 2 billion consumers and

tens of millions of enterprises at home and abroad," Zhang Yong, chief executive

officer of Alibaba, said a recent press event.

The company will strive to combine cloud computing and big data technologies

with the internet and the Internet of Things, as well as consumer terminal

equipment, to spur its development, Zhang said.

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