Walmart is strategically expanding its Walmart+ membership, retail media, and B2B ecommerce sectors to drive growth. The Walmart+ membership is projected to grow by 104% this year to over 29 million users, thanks to the company's efforts to make the membership more accessible and comprehensive. These efforts include offering free one-year Walmart+ memberships, discounted memberships for consumers on government assistance, and launching Walmart+ Travel in partnership with Expedia Group.
In addition to membership growth, Walmart is also focusing on enhancing its advertising business by introducing in-store retail media formats such as audio and product demos. The company's retail media network, Walmart Connect, is piloting an in-house product demo program and has introduced ad spots to Walmart Radio. These new capabilities are expected to boost Walmart's US retail media ad revenues by 391% this year to reach $3.16 billion.
Furthermore, Walmart is investing in B2B fulfillment and international markets. The company has updated its Walmart Business Services with a new app, streamlined ordering process, and spend analytics. It is also automating some of its US warehouses to speed up delivery times and lower costs. Additionally, Walmart has acquired the remaining shares in Indian ecommerce startup Flipkart for $1.4 billion.
Walmart is leveraging data and diversifying its business model to drive growth. By expanding its Walmart+ membership, introducing in-store retail media formats, and investing in B2B ecommerce, the company is positioning itself for continued success in the evolving retail landscape.
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