NEW YORK, NY - Alibaba shattered records during its initial public offering (IPO), raising $25 billion for the future operations of the e-commerce giant. According to the New York Times, that is $2.9 billion more than the previous record holder, the Agricultural Bank of China, which raised $22.1 billion on the Hong Kong Stock Exchange in 2010 during its IPO.

Overnight, Jack Ma, Ali Baba's CEO and the visionary behind this e-commerce business, became one of the richest men in the world.

Alibaba already carries a seemingly endless line of different products, ranging from apples, to dragon fruit, to furniture, to snacks, and much more, with thousands of suppliers throughout Asia. Could Alibaba soon be competing with AmazonFresh and other big box retailers for control of the American retail industry and for the right to act as the intermediary between North America's fresh produce industry and the consumer? Many investors say yes, and much more.

“My vision is to build an e-commerce ecosystem that allows consumers and businesses to do all aspects of business online,” Ma shared with reporters at the New York Times. “I want to create one million jobs, change China’s social and economic environment and make it the largest Internet market in the world.”

“We want to be bigger than Wal-Mart,” he told investors as his company began its first day of public trading on Friday.

If Alibaba continues its current meteoric rise, that day could come sooner than most might think, according to investors quoted in Forbes. The e-commerce retailer already has gross merchandise value (GMV) which surpasses both eBay and Amazon. In 2013, Alibaba's GMV was worth $248 billion, a 52% from 2012. Analysts quoted in Forbes are already estimating this year's valuation could close in on $420 billion.

Looking at the market cap of Alibaba tells a similar story. Alibaba's $231.44 billion valuation puts it above Amazon and eBay combined, and within spitting distance of Wal-Mart's $247.62 billion valuation.

What's next for Alibaba? That is a question which has fixed all eyes on Jack Ma and his team, with investors, retail executives, and members of the fresh produce industry, waiting to see what this company's next move will be.

Stay tuned to AndNowUKnow to find out. Also, be sure to vote in our survey below to let us know what you think of Alibaba and its future in the North American retail market.

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