Walmart is chasing more e-commerce sales and has said it will grow profits faster than revenue over the next five years.
On Wednesday, the big-box retailer kicked off its inaugural Walmart Marketplace Seller Summit, a two-day invitation-only event of how-to sessions drawing more than 1,500 people from businesses that sell clothing, party supplies, jewelry and more on Walmart's website. The event will be headlined by some of Walmart's top leaders, including CEO Doug McMillon.
Walmart is ramping up its focus on its third-party marketplace, as the company chases higher-margin e-commerce sales and pledges to grow its profits at a faster rate than revenue over the next five years. To do that, Walmart is He said customers get a wider selection of items to buy, whether that merchandise is owned by Walmart or a third-party seller. And Walmart and the seller's business grow at the same time, he added. Sellers share a portion of their marketplace profits with Walmart.
Sellers that participate in the marketplace are also potential customers for Walmart's newer businesses, since they can hire Walmart to pack and ship orders or to advertise their products. The number of sellers using Walmart Fulfillment Services grew more than 50% in the most recent fiscal quarter, Chief Financial Officer John David Rainey saidWalmart is the nation's largest retailer, but it lags far behind Amazon in online market share and e-commerce sales.
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