American retail major Walmart has cumulatively sourced products worth US $ 30 billion from India over the last two decades even as it’s working towards an annual sourcing target of US $ 10 billion by 2027. This was revealed by Andrea Albright, Executive Vice-President – Sourcing.
During Walmart’s inaugural major sellers’ development summit in India, Albright delivered a speech with the main focus being on expediting the chain’s export commitment from the nation. The two-day sellers’ meet in New Delhi, on 13th-14th February, is the second time that Walmart is hosting its flagship summit outside the US.
“We are on track to hitting our commitment of US $ 10 billion annually by 2027,” said Albright. Although she could not provide an estimate of the present level of sourcing from India, industry estimates placed it at approximately US $ 3 billion per year. Walmart would have to increase its exports thrice over the next four years in order to meet its target of US $ 10 billion by 2027. India is the first country, outside the US, where the retail major has announced an export target.
“We have brought members from our supply chain team in the US, members from Flipkart and PhonePe, as well as our Sourcing Innovation Team, to hear pitches from companies,” Albright said. “Investing in high growth markets like India helps us strengthen our relationships with established suppliers but also developing relationships with new ones to build long-term surety and diversity and global supply,” she added.
The categories for sourcing of Indian products include apparel and home textiles. India-sourced products are sold the most in the US market.