E-commerce tech
Chief Executive Officer Doug McMillon is interested in expanding his company's revenue streams beyond its core retail business.
As early as Wednesday, small and medium-sized retailers will be able to buy technology that Walmart has developed. This technology will allow customers to shop for a variety of products online and then pick them up at the shop itself. For this way of shopping, Walmart has partnered with Adobe, which will sell the software on a subscription basis.
In the wake of the pandemic, Walmart has seen a surge in sales not only online but also in its physical outlets. At a time when other retailers were forced to close their shops to help fight the pandemic. It is worth noting that Walmart is recognised as the most important retailer, so Walmart did not close because of the pandemic. Some shoppers used online shopping to shorten their time in the shop. In the fiscal year that ended January 29, 2021, online sales increased 79%, while sales through pickup and delivery points tripled from the previous year.
In December 2020, Adobe and market researcher IDC analysed the total content and commerce-as-a-service software market and estimated it at $44 billion.
The new software business presents an opportunity to increase Walmart's revenues, as the business aligns with Walmart's personal strategy, which includes creating new businesses that serve new customers and allowing profits to flow back into the company to fund further innovation.
By the way, through the partnership between Adobe and Walmart, Adobe will increase its visibility among people.
Also, not only small but also medium-sized retailers will use Adobe to power their websites.
It is worth noting that companies like Unilever, Trader Joe's, Honeywell and many others are already using Adobe products for e-commerce.
Also, the company is using technology that enables Walmart employees to collect as well as package purchases that have been purchased online. Moreover, Walmart is using geo-fencing technology, which is designed for shop employees to know what time a customer will come to pick up their order.
