E-COMMERCE | Staff Reporter, China

Alibaba hailed as second biggest retailer globally in Q3 2020

JD and Pinduoduo placed eighth and ninth globally, respectively.

Alibaba surged ahead of the competition as the second biggest publicly traded retailer globally in Q3 2020, with a market cap of $795.4b as of 30 September, a report from GlobalData revealed.

Alibaba ranks behind Amazon, with a market cap of $1.58t.

The report commented that Amazon and Alibaba collectively accounted for around half of the total market cap reported by the top 25 global retailers, with the growth of online shopping during lockdowns provided a boost for their e-commerce platforms.

Having a strong e-commerce platform helped Alibaba grow in 2020, showing a 33% QoQ rise in e-commerce revenue in Q2, GlobalData’s business fundamentals analyst Keshav Kumar Jha commented.

“Additionally, robust performances of their cloud computing divisions helped the companies to grow amid the shift to remote working and virtual learning,” Jha added, commenting on Alibaba and Amazon.

Amongst Asian retailers, Alibaba is followed by JD and Pinduoduo, placing eighth and ninth globally, respectively.  JD and Pinduoduo declined in rankings, which Jha attributed to lower e-commerce revenues than expected and profit-booking by investors in the latter part of the quarter.

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