Talk Business & Politics published an article Thursday, March 9, by Kim Souza regarding Walmart CFO, Brett Biggs, and his opinions on their financial credibility and focus on digital enterprise. Biggs spoke Wednesday, March 8, at the Raymond James Investor Conference in Orlando, Fla., reiterating Wall Street needs to remember that Walmart’s financial strength is unparalleled in the industry.
Talk Business & Politics covered his appearance, affirming Biggs went on to say Walmart is on track to hit $500 billion this year in sales and return $14.5 billion to shareholders. Biggs continued by stating Walmart’s top mission is to make every day easier for customers, and that many operational changes that have been made to make this mission possible.
As manufacturers decide what retailers to invest with in today’s omnichannel retail world, they should look no further than Walmart. It’s clear that Walmart is not just the one true omnichannel retailer, but also superbly financially healthy.
Some of the biggest changes being made at Walmart are focused toward omnichannel and eCommerce improvement. Biggs states grocery pickup sales are up 27% and in Sam’s Club up 30% with pickup locations now in 600 markets.
Walmart is also focusing more of its efforts to become a digital enterprise. Souza explains Walmart.com has grown inventory to more than 35 million items and global eCommerce sales for the retailer have surpassed $15 billion in the past year. Tweaks have been made to Walmart’s mobile app, touch screens have been added in-store, and online shopping has been enhanced to improve the customer experience.
It’s very clear that Walmart has and will continue to invest heavily in the digital space, and it’s important for suppliers to break down the walls between e-commerce and brick-and-mortar. Walmart is not attempting to become an eCommerce powerhouse; it is in the race as the world’s greatest omnichannel retailer. Online, in-store, at home, on the way home, whatever it takes to make shopping more convenient, Walmart will be there.
Biggs claims the goal now is all about making existing stores better to provide the best possible shopper experience. Walmart is integrating in-store and digital experiences to enhance such goals, and they are succeeding.
The importance of building a digital industry that improves shopper experiences is becoming an increasingly competitive component to this industry. While there are many competitors that compete with Walmart’s pricing, they lack the digital clout to pose a threat to Walmart’s eCommerce.
Success using a digital media can be done by providing the shopper with an experience that is just as satisfying as actually being in story. The improvements Walm art is making could not be done without this understanding. This shift to focus on eCommerce improvements is one of the many reasons why data and content is so important for retail competition.
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