Alibaba bests Wal-Mart

alibabaAccording to ChinaDaily, Chinese e-commerce giant Alibaba Group Holding Ltd said that it has officially become the world’s largest retail platform, with its total trading volume online in the fiscal year ended March 31, 2016 surpassing Wal-Mart’s annual sales.

The Hangzhou-headquartered e-commerce giant didn’t reveal the total gross merchandize volume (GMV) in the fiscal year.  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.  Wal-Mart Stores Inc posted revenue of $482.1 billion for its fiscal year ending Jan 31.

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