TAdviser
Jeff Bezos's Amazon online retailer has become the leader in global retail sales excluding China, and left behind Walmart, which had been in first place since the early 1990s, says The New York Times, citing corporate and industry data.
The world's largest seller is Chinese online retailer Alibaba. Neither Amazon nor Walmart are dominant players in China. In the U.S., Walmart sells more than Amazon, but J. P. Morgan expects that Amazon will surpass Walmart here next year.
Estimates by the financial research firm FactSet showed that consumers spent more than $610 billion on Amazon in the 12 months ended in June, while Walmart on Tuesday released sales figures of $566 billion in the 12 months ended in July.
Walmart has been leading the retail industry for the past decades, creating a retail model that saved on costs, lowered prices and beat out competitors. But Amazon has managed to beat it online - with fast delivery and a wide range of choices, customers are increasingly turning to online retailers.
source: forbes.com
The world's largest seller is Chinese online retailer Alibaba. Neither Amazon nor Walmart are dominant players in China. In the U.S., Walmart sells more than Amazon, but J. P. Morgan expects that Amazon will surpass Walmart here next year.
Estimates by the financial research firm FactSet showed that consumers spent more than $610 billion on Amazon in the 12 months ended in June, while Walmart on Tuesday released sales figures of $566 billion in the 12 months ended in July.
Walmart has been leading the retail industry for the past decades, creating a retail model that saved on costs, lowered prices and beat out competitors. But Amazon has managed to beat it online - with fast delivery and a wide range of choices, customers are increasingly turning to online retailers.
source: forbes.com
