Online play is a priority now -- so far unthinkable in a business that's all about a meaningful interface with kirana stores.
Walmart, the world's largest retailer, is tripling its sourcing from India to about $10 billion a year by 2027, said Judith McKenna, president, and chief executive officer of Walmart International, the segment which includes the company's operations outside the US. "To achieve this, we are growing our sourcing team in India," said McKenna, during a fireside chat with YourStory founder Shradha Sharma at Converge@Walmart, the flagship event of Walmart Global Tech India. "Walmart has a 20-year history of sourcing from India and already exports more than $3 billion worth of Made-in-India goods each year to 14 markets worldwide." McKenna said the company has expertise in processes such as international standards and demand forecasting that businesses need to get ready to export.
Besides Jeff Bezos-led Amazon, Walmart-owned Flipkart is also facing a threat from Asia's richest man and RIL chairman Mukesh Ambani, who is also betting big to grab a share of the country's e-commerce market.
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'If Walmart is a physical retailer, why is it striking a deal with Flipkart for the online space?'
In a filing with the US Security and Exchange Commission on Friday, Walmart said it would allow the initial public offering of Flipkart in four years at a valuation no less than what it invested in the e-commerce firm, if a grouping of minority shareholders asks for it.
Sachin Bansal, who had co-founded Flipkart with Binny Bansal in 2007, would exit the company
When it comes to embracing newer technology, youngsters are usually much faster than adults. It's this quick rate of adoption that also makes them susceptible to danger.
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Traders were up in arms, fearing huge job loss if Walmart was to enter.
Create a practical study plan. Read the questions cautiously. Use method of elimination.
A summary of sports events and sports persons, who made news on Tuesday
It entered India in 2006, with the aim of tapping the promising consumer market.
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