There’s no doubt that Alibaba Group, China’s biggest e-commerce company, is a powerhouse in Asia, but the company is also outdoing Western companies.
That was the message Saturday during the company’s ninth annual AliFest in Hangzhou, China, when the company’s Chief Strategic Officer Zeng Ming told reporters that Alibaba Group is expected to have more sales this year than eBay and Amazon, combined.
Ming notes that Alibaba has done “rough” calculations, and found that it grew at a pace similar to the two retailers last year, but that it is outdoing them this year.
“The gap is getting bigger and bigger,” he tells Reuters.
Alibaba Group officials say the company hopes to make $473 billion in annual sales, or 3 trillion yuan, from its online marketplace Taobao in the next five to seven years, according to Reuters.
