In Tech

Alibaba aims to double annual online retail sales in 5 years

China’s Alibaba aims to double its annual online retail transactions within five years by cooperating with online and offline business partners and vendors.

Its gross merchandise volume on its retail sites Taobao and Tmall for the current fiscal year, which started on 1 April 2015, surpassed CNY3 trillion (USD463 billion) on Monday, the Hangzhou-based firm said.

The figure came within a whisker of the USD487.5 billion revenue of US retailer Wal-Mart in its last fiscal year, which ended on 31 January.

(Source: Shanghai Daily )

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