Alibaba announces a one-year growth record
Alibaba, China’s Internet-based company has officially announced that transaction volumes on its websites hit up to three trillion Yuan this year. For the Chinese commerce company it’s real doubling for the last three years.
As follows from the overall value of the third-party sellers’ transactions on the giant’s platforms Alibaba is one of the most rapidly developing e-commerce companies of China.
Alibaba has scheduled a briefing for the media as well as its employees on Monday, at its Hangzhou headquarters, before the company’s fiscal year comes to its end on March 31. As for the last year, the giant posted a revenue of 2.95 trillion Yuan, a 30% soar for a 12-month term.
The company is expected to become the largest retail network in the world, at least this thought is relished by Alibaba’s management, especially after overtaking Wal-Mart Stores Inc. Apart from that, the company has decided to shift from running brick-and-mortar stores to hosting third-party sellers. In this regard, the company is getting more similar to eBay.