Walmart eyes Amazon, pushes online sales
The retail behemoth is predicting net sales growth at or above three per cent, driven by online sales and growth from existing stores.
Walmart kicked off its annual investor meeting on Tuesday in Bentonville, Arkansas by saying it plans a US$20 billion (A$26 billion) share buyback plan.
Walmart is armouring up online to take on Amazon.com and more traditional rivals, like Target.
The company paid more than US$3 billion for the online retailer Jet last year to speed its evolution. It’s also deploying digital kiosks called Pickup Towers at a hundred of its stores which spit out products bought on Walmart.com.
The company went live with voice-activated shopping with Google in answer to of Amazon’s Alexa-powered Echo devices.
Walmart said customers can now start shopping for more than 2 million Walmart items via Google Assistant as well as Google Express and its app.
And starting next month, returns may be getting easier. Customers can scan goods they no longer want with a smartphone and drop them off at a customer service desk. Walmart says that will take 35 seconds or less.
Earlier this year, Walmart revamped its shipping program and now offers free, two-day shipping for online orders of its most popular items with a minimum purchase order of US$35.
But as Walmart moves into the digital space dominated by Amazon, Amazon is encroaching on the physical realm to win over more customers.
In August, Amazon closed on its US$13.7 billion purchase of Whole Foods Market and quickly prices on key products.
It’s also cut a deal with Kohl’s that allows for the return of Amazon goods at stores in Los Angeles and Chicago, which are packaged and shipped out by workers there.
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