“The Brits are coming,” as U.S. retail giant Walmart (WMT) targets U.K. and European suppliers for its customers in the States, Canada, Mexico and Chile.
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British Push
The company said it had started a “major push” to bring U.K. sellers and those in Europe looking to expand internationally to its e-commerce offering. It is trying to tempt new sellers with impressive statistics such as 270 million customers and members each week visiting over 19,750 stores and websites in 19 countries.
Walmart plans to host a U.K. Seller Summit on September 9 where sellers can “ gain insights and hands-on support like cross-border growth guidance, and connections with merchants.”
Walmart has also opened a dedicated seller office in London to help support U.K. and European sellers who would like to launch into online sales on the company’s marketplaces.
Overseas Support
Sellers approved to join the marketplace will be offered the services of a local onboarding team, as well as access to tools and services to help them rapidly scale up across the Atlantic, including the opportunity to get their goods to U.S. customers within two days and fulfillment solutions in Canada, Mexico and Chile.
Andrea Albright, executive vice president and chief growth officer for Walmart International, said: “U.K. and European businesses have a well-earned reputation for quality, innovation and exceptional design. By partnering with Walmart, sellers can bring those strengths to millions of customers. We’re excited to work side-by-side with these sellers to unlock new opportunities and help them grow faster than ever before.”
Walmart has been steadily growing its international presence over the last few years. Walmart International did well in the company’s Q2 with sales up 5.5% to $31.2 billion. This was led by stronger demand in China, Mexico and India. Food and general merchandise products did well in these markets, with e-commerce sales surging 22%.
This continues a strong recent performance worldwide – as seen above. The company will be hoping an extra European flavor will lead to more growth.
Is WMT a Good Stock to Buy Now?
On TipRanks, WMT has a Strong Buy consensus based on 29 Buy ratings. Its highest price target is $127. WMT stock’s consensus price target is $113.89, implying a 16.97% upside.
