Alibaba is now the world's largest retailer

Alibaba is now the world's largest retailer

Chinese eCommerce group Alibaba says it has become the world's largest retailer. According to the company, it surpassed American Wal-Mart last month, based on its total gross merchandise volume (GMV).

Bigger than Wal-Mart

Alibaba did not say how high that GMV was at the end of the fiscal year, which closed on 31 March 2016, but it did say it surpassed the 3 trillion yuan (420 billion euro) milestone on 21 March. In its past fiscal year, Wal-Mart reached 482.1 billion dollars (423 billion euro).

 

This record number shows the retailer's power is mostly online and not so much offline, according to the Chinese online retailer itself: "We used 13 years to demonstrate the power of a different business model compared with brick-and-mortar retailers", a statement read.

 

Alibaba has no plans to slow down anytime soon: by 2020, it aims to have a 6 trillion yuan (840 billion euro) gross merchandise volume and by 2024, it hopes to have a customer base of 2 billion consumers.