Amazon has topped the list of the top 25 global retailers with a £1.15bn ($1.63tn) market cap for the year ending 31 January 2020, according to data from TradingPlatforms.com.
The online retailer has benefitted from the Covid-19 pandemic as consumers have shifted to buying products and services online.
E-commerce site Alibaba was the second-highest market capitalisation for the year, reaching £445bn ($629.7bn) over the period.
Some 77% of the combined market cap from the top 25 global retailers were from online retailers.
Walmart, Nike, Lowe’s, Fast Retailing, Target, and Dollar General all experienced over 20% year-on-year growth in market cap due to the companies’ efforts to build up their digital capabilities.
Magazine Luiza, the Brazillian retailer, is the only new entry on the list of top 25 global retailers aside from eBay, after an impressive 60.2% year-on-year growth in market cap for 2020.
Keshav Kumar Jha, Business Fundamentals analyst at GlobalData.com, said: “The ability of these companies to capitalize on their distribution strength, and offer uninterrupted and timely service during the pandemic also helped them win investors’ confidence.”