SUMMARY
The global retail giant is exploring growth opportunities and innovative solutions from India
Walmart wants to build partnerships with suppliers and partners, including small and medium enterprises
The Walmart leadership claims to be impressed by the entrepreneurial spirit across the country that has driven the growth plans of the company in India
Like many other global businesses, Walmart is too eyeing India for growth. Addressing the supplier ecosystem of the country, Walmart’s president and CEO Doug McMillon said that the supplier community is going to support the company to reach its goal of sourcing $10 Bn worth India-made goods each year by 2027.
He furthered the roadmap of strengthening partnerships with Indian communities, exploring growth opportunities and innovative solutions from India’s retail segment to the rest of the world.
The retail giant is looking at building partnerships with suppliers and partners, including small and medium enterprises in the country. For the same, McMillon along with Judith McKenna, president and CEO, Walmart International, met merchants, grantees, artisans and MSMEs across key India programs and initiatives.
Addressing the Indian supplier ecosystem, McKenna said, “As a nation that’s set to be one of the world’s largest economies by 2030, we’re excited to have the opportunity to serve as partners in India’s economic development, aligned with the country’s ambitions. We remain committed to creating opportunity, strengthening local communities, and empowering customers, sellers, suppliers and farmers.”
She further added that India has long been a priority market for Walmart, and the Walmart leadership is impressed by the entrepreneurial spirit across the country, and that is one of the reasons Walmart is proud to play a small part in India’s growth story.
In an official statement, Walmart noted that its efforts to democratise eCommerce in India by driving access and affordability and delighting customers have inspired many industry firsts, empowered generations of entrepreneurs and MSMEs, and helped create lakhs of jobs across the ecosystem.
In India, Walmart is also focusing on investing in programs and initiatives to help local sellers and suppliers including kiranas, micro-small- and medium-sized enterprises, farmers, artisans, and women-owned businesses to help them grow and create jobs in the country.
According to Walmart, the launch of Flipkart’s wholesale wing is a testament to the company’s commitment to accelerate the growth of kiranas and MSMEs in India.
Last year, the retail giant said that the global advertising business surged 30% in the quarter ending July 2022, largely on the back of strong performances by Flipkart and the company’s US-based advertising arm.
Further, the global retail giant invested $200 Mn in primary capital in the Indian fintech startup PhonePe, in the month of March.
Prior to this, during the same time period, Walmart’s chief financial officer (CFO) John David Rainey told ET that the company expects that India may surpass China as its largest international market this year.
India is studded with retailers in the segment that Walmart operates in. According to an India Brand Equity Foundation Report (IBEF), India’s retail trading sector attracted $4.29 Bn FDIs between April 2000-September 2022. Additionally, about 60 shopping malls with a total retail space of 23.25 Mn sq ft are expected to become operational during 2023-25.
