As per latest newsfeed in global finance sector, Alibaba Group Holding Ltd. said transaction volume on its sites hit 3 trillion yuan (i.e. US$464 billion) with more than a week left in its fiscal year –a ‘gas stop’ terminology used by executive Vice Chairman, Joe Tsai.
As what market watchers quote, the sum is a representation of tripling Chinese e-commerce giant’s gross merchandise volume i.e. *GMV since year 2012 alongside a double estimate since year 2013.
(Analysts and Investors track GMV as it depicts rapid momentum of an e-commerce industrial scale)
Mr. Tsai, in announcing that GMV had hit 3 trillion yuan, added that the company no longer measures success by a “simplistic view of GMV growth,” but instead focuses on “quality and sustainable growth.”Moreover, in his blog he cited the company to hold up its rank upto provincial economic power by six – in case if it’s based within Chinese province.
On a similar note, Chinese Yuan’s depreciating value had caused Wal-Mart to lose track sight. For its fiscal year ended Jan. 31, the U.S. retailer reported revenue of US$ 482.1 billion and net sales (excluding membership fees and other income) to be US $478.6 billion. And that too both figures had exceeded Alibaba’s GMV and are many times its 2015 revenue of US$ 14.69 billion.
Upon reach, Wal-Mart did not pass on any answer for Press queries.
The milestone might prove fruitful to Alibaba. It’s important to mention that its co-founder and rest of the other executives had already stated that of Wal-Mart Stores Inc., could be overtaken then chances to become one of world’s largest retailer networks is certain.
INSIGHT: Alibaba has made the comparison though its business model– running marketplaces hosting third-party sellers, rather than operating brick-and-mortar stores like Wal-Mart–makes it more similar to companies like online sales platform eBay Inc.