During Pandemic, Walmart Focusing on E-Commerce, Executives Say
Walmart fiscal Q1 U.S. e-commerce sales jumped 74% from the year-ago quarter and remained strong throughout the quarter, said CEO Doug McMillon. Store traffic was “quite variable” due to different stay-in-place orders and social distancing nationally, McMillon said Tuesday. Later…
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last quarter there was a shift to at-home entertainment and education when home categories “took off” in store and online, he said. Q1 ended April 30. Stimulus check spending at the end of the quarter led to sales increases including for videogames. Walmart discontinued the Jet.com service as part of an effort to streamline expenses. The brand name may still be used in the future, but the Walmart brand has higher traction with consumers, said McMillon. The 2016 purchase was critical to building the company’s e-commerce business, he said. Most Jet.com employees were previously assigned to the Walmart brand, he said. The retailer has an “aggressive mindset” for its e-commerce business, said McMillon. The company will use its 2,500 stores for fulfillment, said Mark Lore, CEO of Walmart eCommerce. He founded Jet.com.