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Alibaba will overtake Wal-Mart, predicts China retailer CEO

CEO expects to roll over Wal-Mart within a year or two when it comes to sales.

April 5, 2016

China’s ecommerce leader, Alibaba, is on target to beat Wal-Mart and take the title of top global retail platform, predicts CEO Zhang Yong, who also expects his company to be serving 2 billion consumers by 2024.

According to a China Daily report, Alibaba's total trading volume was more than $463.3 billion in the current fiscal year. In comparison, Wal-Mart's net sales for its most current fiscal year was $478.6 billion.

The company chief told China Daily it will tap cloud computing and Big Data, as well as Internet of Things technology, to drive retail activity.

China surpassed the U.S. in 2015 and became the largest e-commerce market in the world, according to Forrester Research, notes the report.