Alibaba surpassed 3 trillion yuan ($463 billion) in transactions in its fiscal year to March, the Chinese e-commerce giant said on Monday, marking slowing growth.
The figure is a 23 percent rise in gross merchandise volume (GMV) year-on-year with less than two weeks to go before the company's fiscal year ends on March 31. This compares with 46 percent growth in fiscal 2015. Still, it's a tripling of the 1 trillion yuan in GMV recorded in 2012.
Alibaba owns several online e-commerce channels which it has been expanding in its home market. It has also been pushing its platforms into more rural areas of China and abroad, Alibaba appointed managers to run its U.K. and Italian offices to help businesses in those countries sell into China.
"It's a consumer (in China) where wages are growing double-digits and there is a good Chinese consumption story. And then you lay on top of that the shift towards online and the fact it's happening faster in China than it is in other countries…that's driving massive user interest and purchases," James Gautrey, portfolio manager and global technology sector specialist at Schroders, told CNBC in a phone interview on Monday.