London, Aug. 6 (ANI): U.S.-based multinational electronic commerce company Amazon is likely to overtake Wal-Mart as the world's biggest retailer by 2020, former chairman of a British supermarket chain has claimed.
Highlighting a 'period of vast change', in the world's shopping habits, former chief executive of ASDA Andy Bond said the online retailer would come to eclipse Wal-Mart.
"Almost certainly Amazon will have toppled, or at least be vying with, Wal-Mart for the top slot in 2020. Ten years ago people would have said that was ridiculous," The Telegraph quoted Bond, as saying.
According to the paper, Amazon currently has a market value of 106 billion dollars, compared to Wal-Mart's 252 billion dollars capitalisation.
Bond highlighted the Internet revolution, saying 'no one should underestimate what Internet companies are doing to the retail industry.'
"We're in a period of vast change," Bond, who now heads web-based bicycle retailer Wiggle and fashion company Republic, added. (ANI)
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