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Top 25 global retailers: Amazon No.1 with $1.63tn market cap

Covid-19 reshaped the landscape for many industries and e-commerce sites benefitted from the sudden influx in e-commerce activity.

Top 25 global retailers: Amazon No.1 with $1.63tn market cap

As a result, Amazon cemented its place as the leading global retailer in the world. According to data presented by, Amazon ended 2020 as the top global retailer with a market capitalisation of $1.63T.

E-Commerce Giants Amazon 1st on Top 25 List, Alibaba 2nd

Amazon crossed the trillion-dollar mark in market capitalisation midway through 2020 and continued its strong performance in 2020. As of December 31, 2020, Amazon was the leading retailer in the world with an estimated market capitalisation of $1.63T. The second-highest market capitalisation belongs to another e-commerce site, Alibaba with $629.7B – an estimated difference of almost 90%.

Amazon also grew tremendously in 2020 as a direct result of the pandemic. Amazon’s market capitalisation experienced a 78.4% YoY growth from 2019-2020 and grew a modest 3.6% from Q3 2020 to Q4 2020. Alibaba meanwhile, had a more tumultuous 2020 compared to most, including controversies involving the company and its founder Jack Ma, late in the year. This caused a 20.8% QoQ decline in growth from Q3 2020. Despite this, Alibaba still experienced a 10.6% YoY growth from 2019 to 2020.

77% of Market Capitalisation From All Top 25 Global Retailers Were From Online Retailers

As a result of the problematic effects of the Covid-19 pandemic, lockdowns were enforced in many markets around the world. Digital retail then became an integral part of the new normal as brick and mortar shops and groceries were forced to close down. 77% of the combined market cap from the top 25 global retailers were from online retailers.

According to Keshav Kumar Jha, Business Fundamentals Analyst at

“The ability of these companies to capitalise on their distribution strength, and offer uninterrupted and timely service during the pandemic also helped them win investors’ confidence.” The likes of Walmart, Nike, Lowe’s, Fast Retailing, Target, and Dollar General all experienced over 20% YoY growth in market cap precisely because of these companies’ efforts to build up their digital capabilities.

Magazine Luiza Enters Top 25 Global Retailers List On the Back Of 60.2% YoY Market Cap Growth

Brazilian retailer Magazine Luiza was the only new entry on the top 25 global retailer list aside from eBay, after an impressive 60.2% YoY growth in market cap for 2020. The company’s strong performance was bolstered after the omnichannel retailer decided to further enhance its online offerings.


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