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Retail

Alibaba targets $1 trillion in transaction volumes by 2020

A sign of Alibaba Group is seen at CES (Consumer Electronics Show) Asia 2016 in Shanghai, China, May 12, 2016. REUTERS/Aly Song/File Photo - RTX2G2TA

CAPE TOWN (Reuters) - Chinese e-commerce giant Alibaba Group Holding Ltd is aiming to double its annual transaction volume to over $1 trillion within four years, the firm’s chief executive said on Wednesday.

“What I can share with you is that in four years we have a very clear goal which is in fiscal 2020, Alibaba wants to be the first company to have a retail market base scale of over $1 trillion, so that is our clear goal in the next three to four years,” Daniel Zhang told a conference in Cape Town.

Reporting by Wendell Roelf

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