Alibaba is likely to overtake Walmart as the world's largest retail platform in its fiscal year ending March 31. The Chinese e-commerce giant indicated that it had reached 3 trillion yuan renminbi (€412bn-$462bn) in gross merchandise value (GMV) as of March 21. The figure, achieved on the back of consumption-driven economic growth, marked a 23 percent growth from last year and a tripling of its GMV as compared to 2012. Walmart posted net sales of $479 billion for its fiscal year, ended Jan. 31. Alibaba aims to achieve an annual trading volume of RMB 6 trillion (€825bn-$923bn) by 2020.

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