Walmart is on track to reach its target of sourcing $10-billion worth of goods from India each year by 2027, a senior executive said.
“We don’t disclose individual numbers on progress, but we feel confident about the goals that we have set forth,” Andrea Albright, executive vice president, sourcing, at Walmart, said.
India is already one of the top sourcing markets for the world’s largest retailer with annual exports worth about $3 billion, according to the company.
Hundreds of Indian sellers have joined Walmart Marketplace since it opened this year and many of them have seen double-digit growth, the company said.
Major differentiators for India include the size of the workforce, the range of category coverage, and the price point being “very competitive”, Albright said. “Everything from food to antibiotics, drug manufacturing, toys, apparel and home…it is such a breadth of categories and that’s quite unique to have in one country,” she said.
Walmart had in December 2020 said it would triple its exports of goods from India to $10 billion a year by 2027.
With a goal of accelerating progress towards this commitment, the US company will soon start the application process for its first growth summit in India, offering export-ready suppliers, micro, small, and medium enterprises (MSMEs), cross-border trade suppliers, and innovative supply chain companies an opportunity to pitch for business.
The summit will bring together dozens of Walmart buyers from the United States and Indian companies to evaluate their products for export, with buyers offering real-time, on-the-ground deals and prospects.
The summit is scheduled for February 14-15, 2024 in Delhi.
Walmart aims to increase exports across categories where India has expertise, including food, consumables, health and wellness, general merchandise, apparel, shoes, home textiles, and toys.
India-made apparel, homeware, jewellery, hardlines and other popular products reach customers in 14 markets, including the US, Canada, Mexico, Central America and the United Kingdom via Walmart’s Global Sourcing office in Bengaluru, which opened in 2002.
