With the acquisition of Jet.com, the year-old US based ecommerce startup, Walmart Stores Inc. made its way into ecommerce. Its entry into the lucrative online retail market came at an expense of $3 billion (to acquire Jet.com).
On the other hand, the Chief Futurist, Founder and CEO of Greyhound Knowledge Group, Sanchit Vir Gogia mentioned that Walmart won’t move out of the States so soon. The main priority at the moment will be dealing with Jet and ensuring a smooth path for it.
He said, “Walmart has been present in India for the longest time with its sourcing business. It understands the sourcing scenario in India but may not be clued into consumer behaviour.”
Gogia also stated that Walmart is a traditional company, meaning transformation will take some time. A “wait and watch” policy may be implemented, in his opinion, to understand the works of ecommerce in India and set up internal competencies. Some hand holding and time is required to get the retailer ready for ecommerce in India.