(CBN Global) March 22 -- Alibaba Group Holding Ltd. [NYSE:BABA], China's e-commerce giant, said its gross merchandise volume will exceed CNY3 trillion (USD462 billion) in the fiscal year ending March 31, putting it on course to overtake Wal-Mart Stores Inc. [NYSE:WMT] as the world's biggest retailer.
Chinese news media have been mistakenly reporting that it took Wal-Mart 54 years to become the world's leading retailer, comparing it with Taobao's 13 years. Wal-Mart was founded in 1962, meaning that it is in fact a 54-year-old company.
The GMV figure is for Alibaba's online sales platforms including Taobao, Tmall and Cuntao. It does not include AliExpress and business-to-business sales. On Nov. 11, 2015, China's version of Black Friday, Alibaba's online e-commerce platform had sales of CNY91.2 billion (USD14 billion).