Walmart concluded its inaugural Walmart Growth Summit in India, an event designed to strengthen its partnerships and support India’s economic growth.
The event saw the participation of export-ready suppliers, innovators and entrepreneurs from 24 states and union territories in India, the company said in a Friday (Feb. 16) press release.
Over 80% of the suppliers who took part received invitations to move on to the next round, according to the release. These invitations offer suppliers the opportunity to join a bid process and line review, as well as an invitation to join Walmart Marketplace, an online marketplace that reaches customers in the United States, Canada, Mexico and Chile. Additionally, entrepreneurs advancing to the next round will have the chance to explore pilot projects with Walmart.
To be selected for pitching at the summit, suppliers had to undergo a screening process to assess their product export capabilities, the release said. Once the list was narrowed down, invitations were sent out for the three-day Walmart Growth Summit held in New Delhi.
During the event, more than 100 associates from Walmart and Sam’s Club met with sellers and innovators to discuss potential future partnerships, per the release.
“Investing in high-growth markets like India helps us strengthen our relationships with established suppliers while also developing new relationships to build long-term surety and diversity of global supply,” Andrea Albright, executive vice president of sourcing at Walmart, said in the release. “We also see huge potential in collaborating with some of India’s brightest minds around value chain solutions.”
The event aligns with Walmart’s commitment to source $10 billion in goods from India each year by 2027, according to the release. It is one part of Walmart’s yearly supplier development efforts, as the company plans to host similar Walmart Growth Summits in Mexico and Chile in the coming months. These efforts will culminate in Walmart’s annual U.S. Open Call in October.
Walmart’s third-party marketplace continues to show momentum, as the company has more than doubled the number of items available to customers on its U.S. marketplace, the firm reported in November.
During the company’s quarterly earnings call in November, Walmart CEO Doug McMillon said “the marketplace is one of our engines for … mutually reinforcing businesses, meaning that marketplace growth pulls other businesses like fulfillment through.”
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