THE WHAT? Amazon has been named the world’s largest retailer outside of China, a title previously held by Walmart, according to a report published by The New York Times.
THE DETAILS Amazon’s sales are estimated to have hit US$610 billion in the 12 months to June, 2021, versus Walmart’s US$566 billion, per The New York Times.
THE WHY? Amazon’s rise to the top spot is said to have been fuelled by the surge in online shopping as a result of the pandemic – the total value of everything purchased on Amazon during the last year rose by US$200 billion, according to analyst estimates, per The New York Times, versus the US$24 billion sales growth posted by Walmart in the same period.