Alibaba’s platforms, including Taobao and Tmall, have more than 1.3 billion annual active consumers, making it one of the largest e-commerce ecosystems globally. In the fiscal year ending June 2024, Alibaba Group reported revenues of $131.5 billion, showing 2.68% year-on-year growth. [1]
Alibaba also dominates the cloud market in China, holding 39% of the market share. However, its growth has slowed to just 3% year-over-year. Globally, Alibaba Cloud’s market share is approximately 4%. [2]
In recent years, Alibaba has faced increasing scrutiny from Chinese regulators, leading to fines and sticker oversight. Plus, rising geopolitical tensions between China and other countries, particularly the United States, have raised concerns about the security and reliability of Alibaba’s services in certain regions.
Below, I highlight Alibaba’s top competitors, which are continually innovating and providing consumers and businesses with a broader range of choices that may better suit specific needs or preferences.
Did you know?
As of 2024, Alibaba’s market value has plummeted to $200 billion, a nearly 75% drop from its peak. This is due to China’s ever-strengthening anti-monopoly law and competition from the rising social commerce companies.
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16. Pinduoduo
Operational Regions: China
Monthly Users: 637 million+
Annual Revenue: $41.41 billion
Pinduoduo is one of China’s fastest-growing e-commerce platforms, focusing on group buying and social commerce. Unlike Alibaba’s massive marketplace model, Pinduoduo leverages social interactions and gamification to offer deep discounts, particularly for rural and price-sensitive consumers.
The company has a strong presence in China’s agricultural sector, connecting farmers directly to consumers and offering fresh produce at lower prices. In 2023, more than 16 million farmers sold their products on Pinduoduo’s platform, benefiting from its streamlined supply chain for agricultural goods. [3]
In 2022, Pinduoduo launched Temu, a cross-border e-commerce platform targeting international markets. Temu has been highly successful in the US market—by February 2024, it reached 100 million active users in the US and surpassed 130 million app downloads globally.
15. Veepee
Operational Regions: Europe
Monthly Visitors: 80 million+
Annual Revenue: $3.5 billion
Veepee is a French-based e-commerce company primarily targeting fashion, beauty, home goods, and travel. Its core business model revolves around exclusive flash sales, where premium and luxury brands sell overstock, end-of-season, or special collections at impressive discounts for a limited time.
While Veepee’s model is quite different from Alibaba’s large-scale marketplace approach, it does compete with Alibaba’s Tmall Luxury Pavilion and AliExpress in Europe. It has partnered with over 7,000 major international brands.
In 2023, Veepee’s revenue reached approximately $3.5 billion, driven by strong growth in its core markets of France, Spain, and Italy. Its flash sales model continues to resonate with consumers, and its membership base has grown significantly, reaching over 66 million customers worldwide.
14. Coupang
Operational Regions: South Korea
Monthly Visitors: 632 million
Annual Revenue: $27.18 billion
Coupang is South Korea’s largest e-commerce platform, known for its rapid delivery services. Its Rocket Delivery service promises same-day or next-day delivery for millions of products, setting a standard for fast, reliable shipping.
The company operates more than 100 fulfillment centers, covering over 47 million square feet and storing 5.3 million types of products. With about 70% of South Korea’s population living within 7 miles of a Coupang logistics center, the company can deliver products rapidly—often within hours of an order being placed. Impressively, over 99.3% of Rocket Delivery orders are delivered within a single day. [4]
Coupang has experienced phenomenal growth over the past decade. Its market share rose from 5.8% in 2017 to 22.5% in 2022. By 2023, its annual revenue reached $23 billion, reflecting its ability to capture a significant portion of South Korea’s expanding e-commerce market.
13. Allegro
Operational Regions: Poland
Monthly Visitors: 232.9 million
Annual Revenue: $2.53 billion
Allegro is the largest e-commerce platform in Poland and one of the top three in Europe, focusing on consumer goods, electronics, fashion, and home products. It boasts over 150,000 professional merchants and 22 million active buyers. The platform receives nearly 233 million monthly visits, with an average session lasting 12 minutes and 31 seconds. [5]
The company went public in 2020, raising $2.3 billion in one of Europe’s largest IPOs that year. Since then, Allegro’s revenue has grown steadily, reaching $2.53 billion in 2024.
To expand its reach, Allegro has made several acquisitions. In 2021, it acquired Slovenia’s largest online retailer, Mimovrste, and in 2022, it purchased the Czech online retailer Mall Group.
12. Newegg
Operational Regions: North America, Europe
Monthly Visitors: 25.75 million
Annual Revenue: $1.39 billion
Newegg competes with Alibaba’s platforms, especially AliExpress and Tmall, in the electronics and tech product space. Its primary focus on electronics and computer hardware, including components, peripherals, and gaming gear, gives it a competitive edge in this niche.
The company operates a hybrid model, selling directly to consumers and businesses while offering a marketplace for third-party sellers. In 2022, it launched a research and e-commerce site dedicated to graphics cards, JustGPU.com. That same year, approximately 5% of online consumer electronics shoppers in the US used Newegg. [6]
11. Wayfair
Operational Regions: North America, Europe
Monthly Visitors: 76.5 million
Annual Revenue: $12 billion+
Wayfair is a leading online retailer of home goods and furniture, primarily targeting the North American and European markets. It accounts for about 1.5% of e-commerce sales in the US, making it among the top 10 largest e-commerce retailers in the country.
Unlike Alibaba, which offers a broad range of products, Wayfair focuses exclusively on home goods and furniture. This specialization gives Wayfair a competitive advantage when it comes to the depth of product offerings and supplier relationships. Its vast supplier network enables the company to provide competitive pricing and frequent sales, attracting cost-conscious consumers.
Wayfair has launched several private label brands like AllModern and Birch Lane, focusing on different price points and design aesthetics. Its global revenue skyrocketed from around $600 million in 2012 to $12 billion in just over a decade. In 2023, 41 million orders were placed on Wayfair, and the platform had 21.8 million active buyers. [7]
10. Shopee
Operational Regions: Southeast Asia, Latin America
Monthly Visitors: 80.6 million
Annual Revenue: $9 billion+
Owned by Sea Limited, Shopee is one of the leading e-commerce platforms in Southeast Asia and Taiwan. It competes directly with Alibaba’s Lazada and AliExpress, offering a mobile-first online shopping experience.
Shopee has grown to become the top e-commerce platform in countries like Indonesia, the region’s largest market, and maintains a strong foothold in Brazil, Vietnam, Thailand, Philippines, and Taiwan.
In 2023, the company generated $9 billion in revenue, reflecting a 20.6% increase from 2022. The total number of orders reached 8.2 billion, while the Gross Merchandise Volume (GMV) amounted to $78.5 billion. [8]
9. Mercado Libre
Operational Regions: Latin America
Monthly Visitors: 113.5 million
Annual Revenue: $17.42 billion+
Mercado Libre is the largest e-commerce platform in Latin America, with a leading market share in major countries like Argentina, Mexico, and Brazil. The company integrates its e-commerce platform with Mercado Pago, its fintech arm that provides digital payment solutions.
Mercado Libre is rapidly expanding its fulfillment centers and last-mile delivery services. In 2023, 50% of items sold on the platform were delivered via Mercado Envíos. The service reached a major milestone in Q4’23 by delivering nearly 122 million packages on the same or next day, marking a significant 21% year-on-year increase. [9]
The company has experienced remarkable growth in recent years. In 2023, it reported a net revenue of $14.5 billion, a 37% increase from the previous year. Plus, the platform saw 218 million unique active users, a 47% jump from the 148 million reported the year prior. [10]
8. Zalando
Operational Regions: Europe
Monthly Visitors: 25 million+
Annual Revenue: $11.04 billion
Zalando is Europe’s online fashion and lifestyle platform that focuses on clothing, footwear, and accessories. It competes with Alibaba in the online retail space by serving fashion-conscious consumers. Its strategic focus on fashion, strong European presence, and commitment to sustainability give it a distinct edge in the online retail market.
The company partners with over 6,000 brands and retailers, providing 51 million customers with exclusive collections and brand collaborations. Plus, it integrates online and offline shopping experiences through features like “click-and-collect” and partnerships with physical stores. [11]
They have also been expanding their own private-label brands to cater to specific customer segments, such as Zign for eco-conscious buyers. This strategy helps Zalando diversify and maintain competitive pricing.
7. Etsy
Operational Regions: Global
Monthly Visitors: 371 million+
Annual Revenue: $2.77 billion
Etsy is a large online marketplace that focuses on handmade, vintage, and unique goods. It’s a great platform for independent artisans and small businesses to sell their products. Unlike Alibaba, which offers a wide range of mass-produced goods, Etsy appeals to consumers seeking unique, personalized products.
In 2019, Etsy acquired Reverb, a marketplace for musical instruments, for $275 million, and in 2021, it acquired the popular fashion resale platform Depop for $1.625 billion. These acquisitions have enabled Etsy to diversify its offerings and tap into new market segments, particularly among younger consumers. [12]
Etsy has experienced steady growth in its seller base, reaching over 9 million active sellers in 2023. While the company operates globally, it has a particularly strong presence in the United States. The UK was the second-largest contributor to Etsy’s sales in 2023, accounting for 12.7% of the total. [13]
6. Shopify
Operational Regions: Global
Merchants: 2 million+
Annual Revenue:$7.76 billion
Shopify allows businesses of all sizes to create and manage online stores. Unlike Alibaba, which operates as an online marketplace, Shopify empowers individual merchants by providing the tools and infrastructure they need to build and grow their own online businesses.
The company focuses on small and medium-sized businesses and individual entrepreneurs. It also serves large enterprises through Shopify Plus. Over 2 million merchants use its platform.
Shopify has experienced significant growth in both revenue and Gross Merchandise Volume since 2012. In 2023, the company reported hosting 4.6 million stores across 175 countries and generating $7.06 billion in annual revenue, a 26.07% increase from 2022. [14]
5. Walmart
Operational Regions: Global
Monthly Visitors: 120 million+
Annual Revenue: $665.03 billion
While traditionally known for its brick-and-mortar stores, Walmart has aggressively pursued digital transformation to compete with e-commerce giants like Amazon and Alibaba. Its omnichannel approach, combining physical stores with a robust online presence, makes it a strong competitor to Alibaba, particularly in North America.
Walmart operates 10,600+ stores in 19 countries, with a strong presence in key markets like the US, Mexico, and Canada. In India, Walmart owns a majority stake in Flipkart, one of the country’s largest e-commerce platforms, positioning it to compete with Alibaba’s investments in the country.
Walmart has seen rapid growth in its e-commerce business in the last four years. In 2023, their online sales grew to $82.1 billion from $73.2 billion in 2022 and $64.9 billion in 2021. The growth has been driven by investments in digital infrastructure and enhanced online grocery offerings. [15]
4. Rakuten
Operational Regions: Japan, Global
Monthly Visitors: 88.38 million+
Annual Revenue: $14.31 billion
Often referred to as the “Amazon of Japan,” Rakuten is a major Japanese e-commerce and internet services company, encompassing e-commerce, fintech, digital content, and communication services. It is expanding its footprint globally through strategic acquisitions and partnerships.
It acquired companies like Ebates (cashback platform), Viber (messaging app), and OverDrive (digital library) to increase its global reach and diversify services. It has also partnered with major global companies, including Walmart and Pinterest, to enhance its e-commerce and digital marketing capabilities.
Rakuten’s loyalty program is one of the most successful in Japan, with over 142 million members. The program rewards users for purchases across its ecosystem, driving repeat business and customer retention. To date, it has issued over 4 trillion Rakuten Points, with around 650 billion points issued annually. [16][17]
3. eBay
Operational Regions: Global
Monthly Visitors: 636 million
Annual Revenue: $10.1 billion
Initially focused on consumer-to-consumer (C2C) transactions through online auctions, eBay has expanded into a broader e-commerce platform. However, its original auction-style listing differentiates it from fixed-price marketplaces like Alibaba and Amazon.
For more than two decades, the company has remained a leading platform for C2C sales, particularly for used, refurbished, and collectible items. It is renowned for offering rare, vintage, and collectible products that are often unavailable on other e-commerce platforms.
In 2023, eBay had 132 million active buyers and 18.1 million active sellers. However, the platform’s revenue and user growth have stagnated for over a decade, showing no consistent upward trend and sometimes even declining. [18]
2. Amazon
Operational Regions: Global
Monthly Visitors: 3.41 billion
Annual Revenue: $604.33 billion
Amazon and Alibaba are two of the world’s leading e-commerce giants, each dominating different regions and employing distinct business strategies. While Alibaba primarily serves the Chinese and broader Asian markets with a focus on B2B and C2C platforms, Amazon has a strong global presence with a comprehensive B2C approach.
Amazon lists over 600 million products on its marketplace, with 12 million sold directly by the company. In 2023, Amazon sold 4.5 billion items in the US alone. The platform has around 9.7 million sellers globally, with 2.3 million actively participating in the marketplace. [19]
It operates in 20+ countries with dedicated websites, making it a truly global marketplace. Its extensive network of more than 1,200 fulfillment centers worldwide ensures fast and reliable delivery. These centers are strategically located to provide same-day and next-day delivery.
1. JD.com
Operational Regions: China, Southeast Asia
Customer Accounts: 600 million+
Annual Revenue: $153.99 billion
JD.com, also known as Jingdong, has become one of China’s largest e-commerce companies and a formidable competitor to Alibaba. It has more than 600 million active customer accounts.
Unlike Alibaba’s marketplace model, JD.com usually operates through a direct sales approach, purchasing goods in bulk and selling them directly to consumers. This model allows better control over pricing and inventory.
JD.com now operates one of the most extensive logistics networks in China, including 1,500+ warehouses across the country and a large fleet of delivery vehicles, drones, and robots. This infrastructure enables same-day or next-day delivery to most parts of China.
It spends about $2.3 billion annually on R&D, with a significant portion dedicated to AI, logistics automation, and robotics to optimize its operations. [20]
The company also integrates online and offline experiences through its “Boundaryless Retail” strategy. It partners with physical stores and smart retail solutions, including unmanned stores and smart vending machines. [21]
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Sources Cited and Additional References- Company Financials, Alibaba’s revenue and profit, Macrotrends
- Newsroom, Mainland China’s cloud service spending to grow by 18% in 2024, Canalys
- Social Responsibility, Pinduoduo connected with more than 16 million farmers, Pinduoduo
- Our Culture, We are building the future of commerce, Coupang
- At a glance, Allegro is the most popular shopping platform in Poland, Allegro
- Consumer Electronics, Newegg brand awareness, usage, and popularity, Statista
- B2C E-Commerce, Wayfair’s statistics and facts, Statista
- Securities and Exchange Commission, FORM 20-F of Sea Limited, SEC
- Investor Presentation, Q4’23 results of the company, MercadoLibre
- B2C E-Commerce, Number of unique active users of MercadoLibre, Statista
- Financials, Zalando grows customer base and progresses on platform transition, Zalando
- Press Release, Etsy to acquire global fashion resale marketplace Depop, Etsy
- Key Figures, Consolidated annual gross merchandise sales in 2023, Etsy
- Trends, Shopify usage statistics, BuiltWith
- Company Stats, Walmart online sales in recent years, Oberlo
- B2C E-Commerce, Number of Rakuten members, Statista
- Press Release, Rakuten and Accor elevate partnership by connecting loyalty points, Rakuten
- Investor Relations, eBay reports fourth quarter and full year 2023 results, eBay
- Selling Stats, Amazon tools, programs, and services, amazon
- Company’s Financials, JD R&D expenses over the years, Macrotrends
- Rachel Liu, JD.com opens its largest offline store to date, and in Western China, JD Corporate Blog
