Walmart is considering a global sourcing opportunity that could come from India as it prepares to hold the first-ever mega sellers’ meeting in New Delhi on February 14 and 15, 2019. This is the group’s second summit outside of the United States and its first trip to India. The group is based in Bentonville. The sellers’ meet, which has traditionally been an annual US event conducted in the US for roughly ten years, deviated from tradition in April and was held in Mexico.
Executive vice president of sourcing at Walmart Andrea Albright told ET, “We feel confident about the goals that we have set forth, but we don’t disclose individual numbers on progress.”
The largest retailer in the world already counts India among its top sourcing destinations, with yearly exports to the country valued at over $3 billion.
Since its launch this year, Walmart Marketplace has attracted hundreds of Indian merchants, many of whom have experienced double-digit growth, according to the business.
The scale of the workforce, the breadth of categories covered, and the “very competitive” price point are the main differentiators for India, according to Albright. “There is such a breadth of categories—from food to antibiotics, drug manufacturing, toys, apparel, and home—and that’s quite unique to have in one country,” the speaker stated.
Walmart announced in December 2020 that by 2027, it will treble its annual exports of goods from India to $10 billion.
In an effort to accelerate the fulfilment of this commitment, the US company will shortly open applications for its first growth summit in India. This event will provide a business pitching opportunity for export-ready suppliers, micro, small, and medium-sized enterprises (MSMEs), cross-border trade suppliers, and creative supply chain companies.
Numerous Walmart customers from the US and India will convene at the summit to assess the products being offered for export, with buyers providing in-the-moment bargains and opportunities based on their actual experiences.
The summit is slated to take place in Delhi on February 14–15, 2024.
Walmart wants to expand exports in all areas—food, consumables, health and wellness, general items, fashion, shoes, home textiles, toys—where India excels.
Walmart’s Global Sourcing office in Bengaluru, which opened its doors in 2002, helps customers in 14 markets, including the US, Canada, Mexico, Central America, and the United Kingdom, get their hands on popular products such as clothes, homeware, jewellery, and hardlines created in India.