Alibaba becomes world’s largest retailer by gross merchandise volume

6 April 2016 (Last Updated April 6th, 2016 18:30)

China's Alibaba has become the world's largest online retailer, according to a US Securities and Exchange Commission (SEC) filing.

China's Alibaba has become the world's largest online retailer, according to a US Securities and Exchange Commission (SEC) filing.

Although the Chinese e-retailer has not announced last quarter's financial results of its fiscal year ending 31 March, the filing indicates it has crossed Walmart in terms of revenues, reported International Business Times.

Alibaba indicated in the filing it had 'become the largest retail economy in the world' at the end of its fiscal year 'as measured by gross merchandise volume (GMV) on its China retail marketplaces.'

"With ten days remaining in our fiscal year ending March 2016, Alibaba's China retail marketplace platforms surpassed CNY3 trillion in GMV."

Walmart posted revenues of $482.1bn for its fiscal year ending 31 January.

The publication cited Alibaba executive vice-chairman Joe Tsai saying: "With ten days remaining in our fiscal year ending March 2016, Alibaba's China retail marketplace platforms surpassed CNY3 trillion in GMV.

"That is about $476 billion and, if the platforms we operate were a province, we would rank as the 6th largest provincial economy in China."

Alibaba was also cited by the publication that its online trading volume was approximately 10% of the total retail volume in China and created 15 million jobs.