In SEC filing on April 5, 2016, China’s e-commerce behemoth Alibaba has officially surpassed Walmart as the world’s largest retailer. That means Alibaba has surpassed the $482.1 billion in 2015 revenues reported by Walmart. This success marks a paradigm shift as China has switched from offline to online where the world’s biggest e-commerce company is now bigger than the world’s largest brick and mortar retailer. “We took 13 years to demonstrate the power of a different business model compared with brick-and-mortar retailers,” Alibaba said in the statement to the China Daily. “In 2024, we want to be a business platform serving 2 billion consumers and tens of millions of enterprises at home and abroad,” Alibaba CEO Zhang Yong told journalists. (rt.com)
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