New Delhi: As US retail giant Walmart tries to diversify its the supply chain And it is leaning towards India to reduce its dependence on markets like China, which is one of its key Development wants to enter the market and new suppliers in country.
The company, which is pursuing a target of sourcing goods worth $10 billion annually from India by 2027, will also need new suppliers to accomplish this. For this purpose, the retailer is organizing its first growth summit in India, the only market to organize such an event. A program outside the US, Chile and Mexico underlines the company’s growing focus on the country where CEO Doug McMillan said manufacturing capabilities are broadening and growing.
India’s opportunity extends far beyond working with export suppliers; The company is also open to partnering with local startups building supply chain solutions. “Apart from the US, India is the only market where we have set a sourcing objective and that is because we see a lot of opportunity. This growth summit is our next step as we pursue that opportunity and not just look for export suppliers. But also with innovative companies and startups that have supply chain solutions. “There are some of the brightest minds in innovation in India and we want to explore potential solutions that can help us improve and further expand our value chain,” McMillan said in a video message. Walmart said it has already sourced products worth $30 billion from India in the last 20 years.
As it attempts to make an aggressive pitch to a number of Indian suppliers, Walmart has sent over 100 of its associates in marketplace, sourcing and merchant teams from markets like the US and Canada to the summit to be held in Delhi. “From a category perspective, I think it’s pretty limitless in terms of opportunities in terms of what we can find in India, and I think it’s going to grow rapidly,” said Andrea Albright, executive vice president, “There is opportunity for growth as we continue to find the right suppliers and partners.” , Walmart sourcing told TOI in an interview. Apart from apparel and home, which have historically been strong categories for retailers in terms of local sourcing, the company is looking to expand its sourcing footprint in areas such as health and wellness, consumables and food.
The company, which is pursuing a target of sourcing goods worth $10 billion annually from India by 2027, will also need new suppliers to accomplish this. For this purpose, the retailer is organizing its first growth summit in India, the only market to organize such an event. A program outside the US, Chile and Mexico underlines the company’s growing focus on the country where CEO Doug McMillan said manufacturing capabilities are broadening and growing.
India’s opportunity extends far beyond working with export suppliers; The company is also open to partnering with local startups building supply chain solutions. “Apart from the US, India is the only market where we have set a sourcing objective and that is because we see a lot of opportunity. This growth summit is our next step as we pursue that opportunity and not just look for export suppliers. But also with innovative companies and startups that have supply chain solutions. “There are some of the brightest minds in innovation in India and we want to explore potential solutions that can help us improve and further expand our value chain,” McMillan said in a video message. Walmart said it has already sourced products worth $30 billion from India in the last 20 years.
As it attempts to make an aggressive pitch to a number of Indian suppliers, Walmart has sent over 100 of its associates in marketplace, sourcing and merchant teams from markets like the US and Canada to the summit to be held in Delhi. “From a category perspective, I think it’s pretty limitless in terms of opportunities in terms of what we can find in India, and I think it’s going to grow rapidly,” said Andrea Albright, executive vice president, “There is opportunity for growth as we continue to find the right suppliers and partners.” , Walmart sourcing told TOI in an interview. Apart from apparel and home, which have historically been strong categories for retailers in terms of local sourcing, the company is looking to expand its sourcing footprint in areas such as health and wellness, consumables and food.
