Alibaba Eclipses Amazon To Become World's #1 E-Commerce Firm
Amazon is no longer the world's largest E-Commerce company. That honor goes to Alibaba, whose shares rose 1.2 percent on Tuesday to market capitalization of 472.1 billion dollars, putting it above the 471.9 billion dollars notched by the Jeff Bezos brainchild.
Gaining over 100 percent since January compared to Amazon's 30%, the firm could be in the running to be one of the world's first trillion dollar companies. According to Shine:
"The Chinese company's stock soared 12 percent in the past two months after it announced better-than-expected quarterly earnings in August. Alibaba's net profit jumped 96 percent to more than 2.1 billion dollars year-on-year in the first fiscal quarter ending June, beating market expectations. Moreover, the number of active buyers on Alibaba's retail platform climbed to 466 million, accounting for about one third of the Chinese population."
Experts chalk up the online bazaar's success to catching the E-commerce wave at just the right time -- effectively rendering brick-and-mortar obsolete (hence all the recent "garage sales") -- as well as focusing on small enterprises and making money off of marketing and technical supports rather than admission fees. Oh, and that "small foray" into digital pay didn't hurt either.
It's yet unclear if Alibaba will follow in the footsteps of Amazon and set its sights on space or other Weyland Corp-esque ventures -- ie. planet terraforming or a quantum key distribution satellite that allows government officials to send encrypted penile pics without torpedoing their careers (SpaceXXX).