In the next five years, Walmart wants to increase its overseas gross merchandise volume by more than four times, to $200 billion.
According to Reuters on Friday (June 2), Judith McKenna, CEO of Walmart International, commented, “It is a pretty ambitious target.” The markets that we now have are making preparations to get there.
At Walmart’s annual shareholders meeting, which was held in Fayetteville, Arkansas, not far from the retailer’s Bentonville headquarters, McKenna spoke with analysts.
After selling its assets in the United Kingdom, Brazil, Argentina, and Japan, Walmart’s global gross merchandise volume (GMV), which was $120 billion five years ago, has subsequently fallen below $100 billion, according to Reuters.
According to the story, McKenna originally declared the company’s objective of doubling Walmart’s overseas GMV in April, and he kept to that target even after the International Monetary Fund cut down its global economic growth predictions for 2023 and 2024 owing to ongoing inflation.
McKenna expects Walmart’s growth to come from implementing its omnichannel approach on a worldwide scale, growing marketplaces in the 19 foreign countries where it operates, and developing a complementary business “ecosystem” akin to the one it has in Mexico.
The allegation comes only weeks after it was revealed that Walmart had gained a rare triumph in the eCommerce industry against competitor Amazon due to its operations in India.
According to a forecast published this month by the Financial Times, citing Bernstein analysis, eCommerce sales in India would reach $135 billion by 2025, more than tripling the amount in 2020. Flipkart, Walmart’s Indian eCommerce firm, had a 48% market share last year, compared to Amazon’s 26%, with Flipkart expected to generate $23 billion in gross sales in India by 2021, compared to $18 billion to $20 billion for Amazon.